The Nigeria Naira appreciated to it strong foot trades N972/$ at Binance’s P2P market, as traders bet that the Federal Reserve was done with its interest rate hikes, although anticipation of key nonfarm payroll data kept the naira bulls’ gain in check.
After a swift recovery and erosion of the crucial resistance level of N1,000/dollar late Thursday, currency traders on Binance’s P2P market last traded the naira as high as N972/$.
A Chainalysis research report stated that Nigeria had the largest peer-to-peer exchange volume in the cryptocurrency market.
Nigeria moved up one spot to 17th in P2P exchange volume in 2022 from its 18th place ranking in 2021.
At the official market, the naira, however, reached an intraday low of N1,018.6 to the US dollar on Thursday, November 2, at the official NAFEM window.
The release of important nonfarm payroll data for October later on Friday, however, presented the naira with an uphill task battle against the greenback.
