By Adedapo Adesanya
The value of Naira appreciated by 0.24 per cent or N1 against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Thursday.
It was observed that investors and exporters at the spot market exchanged the local currency for the American currency at the window at N416.00/$1 yesterday compared with the previous day’s value of N417.00/$1.
The supply of FX into the system by the Central Bank of Nigeria (CBN) to ease the demand pressure was responsible for the strengthening of the domestic currency during the session.
However, the Nigerian currency further depreciated against the Pound Sterling at the spot market by 12 kobo on Thursday to settle at N549.78/£1 in contrast to N549.66/£1 it was transacted on Wednesday.
But the situation was different with the Naira against the Euro at the same market window as it gained 17 kobo to close at N457.46/€1 versus the previously quoted rate of N457.63/€1.
At the Peer-2-Peer (P2P) market segment, the Naira traded flat against the Dollar as it closed at N581/$1.
Meanwhile, the cryptocurrency market maintained its upward movement on Thursday as all the 10 digital coins tracked by Business Post appreciated in value.
Solana (SOL) posted the highest increase as its price moved higher by 9.2 per cent to N62,634.07, Cardano (ADA) appreciated by 8.0 per cent to sell at N705.51, Dogecoin (DOGE) improved by 7.1 per cent to trade N82.88, Litecoin (LTC) rose by 4.5 per cent to trade at N76,614.79, while Bitcoin (BTC) increased by 3.8 per cent to sell for N26,630,490.
Ethereum (ETH) gained 3.5 per cent during the session to sell at N1,886,932.00, Binance Coin (BNB) recorded a 2.2 per cent jump to trade at N172,005.03, Ripple (XRP) went up by 1.8 per cent to N510.54, Dash (DASH) rose by 1.7 per cent to sell for N77,312.58, while the US Dollar Tether (USDT) grew by 0.1 per cent to N592.87.
Modupe Gbadeyanka