Naira slips by 0.42% against US Dollar, reaches FX rate of N775.34/$1
By Sodiq Adelakun
In a dance to economic fluctuations, Naira has taken a graceful step back, devaluing by 0.42% against the mighty US Dollar. As the curtains rise on the stage of foreign exchange rates, the Naira has found itself at a new FX rate of N775.34/$1.
However, it gained ground in the Peer-to-Peer (P2P) and black market segments.
Specifically, in the official market, the Naira faced a decline of 0.42% or N3.22 against the US Dollar.
This resulted in a new exchange rate of N775.34/$1, compared to the previous day’s rate of N772.12/$1.
Despite this setback, the Naira managed to make gains in the Peer-to-Peer (P2P) and black market segments.
These positive developments provide some relief amidst the overall mixed performance of the currency.Overall, the Naira’s performance in the foreign exchange market remains a subject of fluctuation and uncertainty, with varying outcomes across different segments.
This depreciation can be attributed to the increasing demand for foreign exchange.
Data from the FMDQ Securities Exchange revealed that the turnover for the trading session rose by 77.4% or $31.11 million to $71.32 million, up from the $40.21 million recorded on Monday.
In the P2P arm of the foreign exchange market, the Naira appreciated against the US Dollar, selling at N915/$1, a N7 improvement from the previous day’s rate of N928/$1.Similarly, in the parallel market, the Naira strengthened against the US Dollar, trading at N905/$1, compared to the previous day’s rate of N915/$1.
In the spot market, the Naira gained N1.92 against the British Pound Sterling, closing at N975.01/£1, up from the previous day’s rate of N973.09/£1. It also moved in the same direction against the Euro, gaining N2.74 to quote at N838.47/€1, compared to N835.73/€1.
In the world of digital currency, most coins experienced a surge after a federal appeal court ruled that the US Securities and Exchange Commission (SEC) must review its rejection of Grayscale Investments’ attempt to convert its Grayscale Bitcoin Trust (GBTC) into an Exchange-Traded Fund (ETF).
