Naira Sells N436.63/$1 at Spot Market, N731/$1 at Black Market

The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Thursday, October 6.

Yesterday, the exchange rate of the local currency against the greenback closed at N436.63/$1 compared with the previous day’s value of N437.50/$1, indicating a strengthening of 87 Kobo or 0.02 per cent.
Data from the FMDQ Securities Exchange showed that the value of transactions recorded at the spot market during the session increased by 43.1 per cent or $30.32 million to $100.74 million from Wednesday’s $70.42 million.

Also, in the black market, the domestic currency appreciated against the American currency by N2 during the session to close at N731/$1 compared with the preceding day’s N733/$1.
In the interbank segment of the market, the Naira witnessed a strong movement against the Pound Sterling by N2.61 to close the session at N488.91/£1 versus the N491.52/£1 of the preceding session.

In the same manner, the Naira appreciated by N1.82 on the Euro to close at N428.09/€1 versus N429.91/€1.

At the Peer-to-Peer (P2P) segment of the market, the value of the local currency was strengthened by N4 to trade at N743/$1 in contrast to the N747/$1 it was transacted a day earlier.
As for the digital currency market, six of the 10 benchmarked currencies tracked were bearish as pressure returned to the market.
Binance Coin (BNB) shed the highest as it slid by 2.3 per cent to sell for $286.24, Litecoin (LTC) went down by 0.9 per cent to trade at $53.75, Dogecoin (DOGE) saw a 0.7 per cent slump to trade at $0.0639, Bitcoin (BTC) depreciated by 0.3 per cent to sell for $19,987.33, Solana (SOL) recorded a 0.2 per cent slide to sell at $33.68, and Cardano (ADA) recorded a 0.05 per cent fall to trade at $0.4289.

But Ripple (XRP) gained 0.9 per cent to trade at $0.4985, and Ethereum (ETH) improved by 0.8 per cent to $1,359.56, while Binance USD and the US Dollar Tether (USDT) retained the pared level of $1.00.