Nigerian stock market hits highest level since 2008 financial crisis

By Adedapo Adesanya

The naira closed down 0.48% or N2 against the dollar on the Investors & Exporters (I&E) segment of the Foreign Exchange (FX) market as investors on Monday, May 9.

According to data from the FMDQ Securities Exchange, the local currency traded against the US Dollar at N419.00/$1 compared to the previous session’s exchange rate of N417.00/$1 amid weak currency offer to traders at market window.

FX turnover for the day was $53.26 million compared to $88.43 million reached last Friday, representing a decline of $35.28 million or 39.90%.

Additionally, the strengthening of the US currency to a 20-year high affected the national currency and others across the world yesterday.

In the spot market, the naira also depreciated against the British pound on Monday by 1.07 naira to trade at 514.42 naira/£1 from the previously traded rate of 513.35 naira/1 £, while against the euro it appreciated. by 76 kobo to close at N438.70/€1, unlike last Friday’s value of N439.46/€1.

At the Peer-to-Peer (P2P) window, the Naira traded against the Dollar on Monday at N598/$1.

When it comes to the digital currency market, nine out of the 10 benchmark tokens tracked by Business post impaired due to rising interest rates in the US, UK and Australia.

The US Federal Reserve, for its part, raised its key rate by half a percentage point, marking its largest rate hike in more than 20 years.

This raised more concerns among some investors that inflation and the higher cost of borrowing could have a major impact on global economic growth and that assets such as cryptocurrencies were bearish.

Yesterday, Bitcoin (BTC) fell 9.8% to N19,669,659 while Litecoin (LTC) fell 15.9% to trade at N49,721.60, Cardano (ADA) losing 15.6 % to sell at N395.82.

Dogecoin (DOGE) fell 13.6% to trade at N67.55, Binance Coin (BNB) posted a loss of 13.5% to quote at N232,692.84, Dash (DASH) fell down 13.4% to N43,266.17, Solana (SOL) fell 12.3% to N39,382.16, Ethereum (ETH) depreciated 9.9% to 1,396 950N, Ripple (XRP) fell 9.1% to 320N.

But the US Dollar Tether (USDT) rose 0.1% to reach N618.

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