Bitcoin Depreciates as Naira Trades Flat Across FX Market

Bitcoin loses
Image Source: Bitcoin News

By Adedapo Adesanya

The value of Bitcoin (BTC) cut almost five days of gains as it depreciated by 0.10 per cent to sell at N5.86 million at the cryptocurrency market on Friday, October 23.

Business Post gathered from data sourced from Quidax, a platform used for trading cryptocurrencies in Naira in Nigeria, that it wasn’t only BTC that saw a decline.

Ripple (RPX) recorded the biggest drop among digital coins as it went down by 3.54 per cent to close at N114.14, while Ethereum (ETH) shed 0.96 per cent to trade at N185,210.

The only digital currency that marked a different outcome was the Litecoin (LTC), which went up by 0.84 per cent to settle at N25,578.

Meanwhile, at the foreign currencies market, the day ended with the Naira static at the black market as it closed against the Dollar at N463/$1.

In the same pattern, the local currency traded flat against the British Pound Sterling at N592/£1 while against the Euro, it made no movement as it ended the day selling at N540/€1 as it did at the preceding session.

At the Investors and Exporters (I&E) window on Friday, the value of the Naira to the United States currency remained unchanged at N386/$1 despite another huge rise in the demand for forex at the market segment.

During the trading day, investors requested FX worth $197.42 million, 154.3 per cent or $77.62 million higher than the previous day’s $119.8 million.

At the Bureaux De Change (BDC) window of the market, the exchange rate of the local currency against the greenback remained fixed at N386/$1 and at the interbank segment, the exchange rate of the Naira to the Dollar remained flat at N379/$1 when market activities were closed for the day.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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