NASD OTC Stock Exchange Records 0.01% Drop

By Adedapo Adesanya

The Naira witnessed the three possible scenarios it could face in the foreign exchange (forex) market on Friday as it appreciated against the US dollar in the Investors and Exporters (I&E) segment, losing in the Peer-2- Peer (P2P) window, and maintained stability on the black market wing of the market.

In the I&E market, the domestic currency strengthened 65 Kobo or 0.14 percent against the dollar yesterday to sell at N462.23/$1 as opposed to the previous day’s value of N462.88/$1, amid an 18.3 percent or $19.86 million increase in FX sales for the trading session to $128.29 million from the $108.43 million executed on the previous trading day.

On the parallel market, the exchange rate of the Nigerian currency against the US currency remained unchanged at N735/$1 during the session.

However, in the P2P window, the Naira depreciated by N4 against the US Dollar to trade at N750/$1, as opposed to N746/$1 exchanged a day earlier.

Also in the interbank segment of the market, the value of the domestic currency fell N3.49 against the British pound sterling on Friday as it traded at N579.82/1 compared to the previous N576.33/1, and against the Euro, it depreciated by N1.78 to quote at N510.55/1, as opposed to Thursday’s N508.77/1.

Meanwhile, the digital coins are followed by Business mail The cryptocurrency market was largely mixed yesterday, with investors jumping on Ethereum (ETH) after its latest memecoins, sending its value up 3.5 percent to $1,963.90.

Bitcoin (BTC) was up 0.5 percent to $29,386.57, Solana (SOL) was up 3.9 percent to $22.67, Dogecoin (DOGE) was up 0.4 percent to $0.0791, and Ripple ( XRP) grew 0.3 percent to $0.4644.

On the other hand, Litecoin (LTC) took a 0.8 percent hit to trade at $87.57, Cardano (ADA) lost 0.3 percent to sell at $0.3905, and Binance Coin (BNB) lost 0.03 percent to trade at $325.50, while the US Dollar Tether (USDT) and Binance USD (BUSD) sold flat at $1.00 each.

The newly created SpongeBob token (SPONGE), which is based on Spongebob Squarepants and launched on Thursday, has since risen nearly 600 percent and trades at less than 1 cent per coin.

This is a concern for the market as they are driven by hype and social media, and investors have suffered significant losses from investing in them.