Experts will discuss ways to strengthen the West African capital market

By Adedapo Adesanya

The naira depreciated against the dollar on the Peer-to-Peer (P2P) segment of the foreign exchange (FX) market on Thursday by 0.34% or N2 to trade at N615/$1 from 613 N/$1 the day before.

Additionally, at the Investors and Exporters (I&E) window, the Nigerian currency depreciated against the greenback yesterday by 0.26% or N1.08, as it traded at N420.33. /$1, in contrast to Wednesday’s closing value of N419.25/$1.

It was the second trading day in a row that the local currency came under pressure amid disruption in the market’s currency supply by the Central Bank of Nigeria (CBN).

The demand for foreign currency is relatively high at the moment because politicians are trying to get foreign currency to woo delegates to their side to get tickets to contest the 2023 general election.

Data from the FMDQ Securities Exchange indicated that yesterday in the Investor FX segment, trades worth $75.56 million were executed, representing 62.47% or $125.78 million of less than the 201.34 million dollars made the day before.

However, in the interbank segment of the foreign exchange market, the national currency closed stronger against the British pound by 38 kobo to trade at 516.49 Naira/£1 against 516.87 Naira/£1 and against the euro. , she earned 37 kobos to sell. at N437.48/€1 compared to N437.11/€1 during the previous session.

In the cryptocurrency market, nine of the 10 tokens monitored by Business post recovered, with crisis-hit coin TerraUSD (UST) losing another 21.4% to a quote of $0.07479.

Ripple (XRP) rose 7.2% to $0.432, Litecoin (LTC) gained 4.8% to trade at $69.99, Cardano (ADA) rose 4.6% to trade at $69.99. to sell at $0.5304, Binance Coin (BNB) rose 4.2% to trade at $307.16, while Ethereum (ETH) rose 3.7% to 2017, $41.

Additionally, Bitcoin (BTC) jumped 3.6% to $30,086.44, Dogecoin (DOGE) rose 2.6% to trade at $0.0862, Solana (SOL) recorded appreciation down 1.5% to sell at $51.09, while the US dollar Tether (USDT) gained 0.01% to settle at $0.9989.

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