Domestic Currency Appreciates to N411.5/$1

Domestic Currency Appreciates to N411.5/$1

By Adedapo Adesanya

The Naira finished the week stronger against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Friday.

At the trading session, the domestic currency appreciated by 17 kobo or 0.04 per cent to sell at N411.5/$1 compared to N411.67/$1 it was transacted on Thursday.

The local currency was strengthened yesterday by the sufficient supply of FX to traders at the market window to meet the rise in the demand for foreign currencies witnessed at the market lately.

Business Post gathered from the FMDQ Securities Exchange that at the session, the value of transactions reduced by 56.9 per cent or $168.83 million to $127.51 million from the previous day’s turnover of $296.34 million.

But at the black market, the Nigerian currency retained its previous exchange rate against the Dollar at N530/$1 and lost N2 against the Pound Sterling to trade at N722/£1 in contrast to N720/£1 it traded at the previous session.

The local currency also depreciated by N2 against the Euro at the unregulated segment of the forex market on Friday, closing at N622/€1 compared with N620/€1 it finished at the preceding session.

At the interbank window of the forex market, the Nigerian Naira further lost 3 kobo or 0.01 per cent against the greenback to quote at N410.40/$1 as against the previous day’s N410.37.

Cryptos Bullish as Assets See Fresh Demand

A renewed interest in digital currencies at the cryptocurrency market spurred an uptick in the value of the assets on Friday, with Litecoin (LTC) growing by 14.2 per cent to trade at N112,622.

Dash (DASH) grew by 2.2 per cent to trade at N134,150.00, Bitcoin (BTC) appreciated by 2.1 per cent to sell at N26,600,000.00, Tron (TRX) went up by 1.9 per cent to sell for N54.10, Ethereum (ETH) recorded a 1.8 per cent gain to sell at N2,020,003.20, Ripple (XRP) made a 1.4 per cent appreciation to trade at N679.00, while the US Dollar Tether (USDT) added 0.3 per cent to sell for N532.88. FBN Holdings, Dangote Cement Lift Market by 1.89%

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