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Naira Weakens at Official Market, Solidifies at Black Market

The Naira continued its lacklustre performance in the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Tuesday, March 28, as it depreciated against the Dollar by 25 Kobo or 0.05 per cent to settle at N461.75/$1 compared with Monday’s closing price of N461.50/$1.

However, in the black market, the Nigerian currency solidified its value against the American currency during the session by N2 to quote at N743/$1, in contrast to the N745/$1 it was exchanged in the preceding session.

Similarly, the local currency gained N1 against the greenback yesterday in the peer-to-peer (P2P) segment of the forex market to N767/$1 versus Monday’s value of N768/$1.

But in the interbank wing of the FX market, the Naira weakened against the Pound Sterling on Tuesday by N2.84 to settle at N565.51/£1 compared with the previously traded rate of N562.67/£1, and against the Euro, it lost N2.21 to finish at N496.66/€1 versus Monday’s closing rate of N494.45/€1.

Business Post reports that the digital currency market slightly recovered yesterday after the initial scare caused by the lawsuit against Binance from the US Commodity Futures Trading Commission (CFTC) over the alleged deliberate offering of unregistered crypto products to US customers.

The chief executive of Binance, Mr Changpeng Zhao, also named in the lawsuit, published a blog post on Monday to address the civil enforcement action against him and his crypto exchange, saying they were “unexpected” and “disappointing”.

The Binance chief emphasized that his crypto firm was committed to transparency and cooperation with regulators and law enforcement both in the US and globally.

On Tuesday, the price of Bitcoin (BTC) rose by 2.5 per cent to $27,597.01, Ethereum (ETH) grew by 4.3 per cent to $1,790.84., Ripple (XRP) recorded a 9.2 per cent appreciation to trade at $0.5353, Cardano (ADA) jumped by 8.2 per cent to $0.3774, and Solana (SOL) improved by 5.3 per cent to $20.92.

In addition, Litecoin (LTC) went up by 4.7 per cent to $90.76, Dogecoin (DOGE) expanded by 3.5 per cent to sell at $0.0751, and Binance Coin (BNB) added 1.9 per cent to quote at $314.98, while the US Dollar Tether (USDT) and Binance USD (BUSD) traded flat at $1.00 each.



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