By Adedapo Adesanya
After two sessions of suspended trading over the Easter Holidays, the Naira returned stronger as it appreciated by 0.12 per cent or 50 kobo against the United States Dollar on Tuesday, April 19 at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market.
At the market yesterday, forex end-users exchanged their local currency with the greenback for N417.00/$1 at the spot market compared with the preceding session’s exchange rate of N417.50/$1.
However, the domestic currency depreciated against the Pound Sterling at the official FX window on Tuesday by 91 kobo to sell at N541.79/£1 compared to the previously traded rate of N540.88/£1, while the indigenous currency appreciated by N1.28 against the Euro to close at N449.32/€1 in contrast to the previously quoted rate of N450.60/€1.
But at the Peer-to-Peer (P2P) window of the FX market, the Naira maintained stability against the American currency yesterday to trade at N587/$1.
Meanwhile, at the cryptocurrency market, investors had reasons to smile as the value of mostly cryptos monitored by Business Post across the various exchange platforms appreciated.
Solana (SOL) appreciated by 5.6 per cent to trade at N70,349.71, Litecoin (LTC) went up by 2.4 per cent to trade at N68,043.37, Ethereum (ETH) saw its value go up by 1.9 per cent to sell at N1,849,200.00, Dogecoin (DOGE) went up by 1.7 per cent to trade N85.19, while Dash (DASH) moved up by 1.5 per cent to sell at N64,318.44.
Further, Cardano (ADA) recorded a 1.4 per cent gain to sell at N567.32, Ripple (XRP) appreciated by 1.4 per cent to N461.81, Bitcoin (BTC) witnessed a 1.2 per cent appreciation as it sold for N24,622,496.96, while Binance Coin (BNB) increased its value by 0.9 per cent to quote at N251,794.05.
On the flip side, the United States Dollar Tether (USDT) recorded a 0.1 per cent loss to sell at N597.91.
