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Naira Gains Ground Against US Dollar in Foreign Exchange Market


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Naira Gains Ground Against US Dollar in Foreign Exchange Market

On Wednesday, January 25, the Naira strengthened against the US Dollar at various foreign exchange markets.

The domestic currency rose by as much as 4 Kobo and 1 Kobo in the Peer-to-Peer (P2P) and black markets respectively to exchange hands for N766/$1 and N748/$1 while maintaining a N461.70/$1 rate in the spot market.

As Nigerians, ahead of the January 31 deadline, hastily swap their old currency for new ones, the forex market felt some pressure with only $109.82 million worth of transactions recorded during the session – a $2.22 million or 1.9 per cent dip against the preceding day’s value.

Meanwhile, cryptocurrencies enjoyed an overall bullish midweek as macroeconomic data suggests a much brighter year than 2022 which has seen increased activities from scammers as well as catastrophic events clouding its progress.

Eight of 10 benchmarked cryptos tracked by Business Post posted gains that entered double-digit figures in percentage with Bitcoin enjoying a 2.9 per cent hike to sell at $23,427.37, Litecoin rising by 4.1 per cent to trade at $90.55 and Cardano increasing by 3.9 per cent to $0

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