Adedapo Adesanya
By Ahmed Rahma, Adedapo Adesanya
The Naira returned to its gaining position against the US Dollar at the Investors and Exporters (I&E) and the parallel segments of the foreign exchange (forex) market on Thursday, February 18.
At the I&E window, the local currency, which had earlier crashed to N410/$1 at the previous session, recovered 0.54 per cent or N2.20 to close the day at N407.80/$1 and this occurred as the segment recorded a daily turnover of $62.69 million.
Also, the domestic currency put up a good fight against the greenback at the unregulated segment of the FX market yesterday, appreciating by N1 to settle at N477/$1 compared to N478/$1 of the previous session.
At the same window, the local currency held its ground against the Pound Sterling and the Euro to close at N655/£1 and N575/€1 respectively.
Moving to the interbank segment, where the Central Bank of Nigeria (CBN) has consistently defended the Naira with various FX interventions, the local currency traded flat on Thursday against the American currency to trade at N379/$1.
In the same vein, the value of the Nigerian Naira to its United States counterpart at the Bureaux De Change (BDC) window remained unchanged yesterday at N395/$1.
Bulls Run Wild at Cryptocurrency Market
Meanwhile, it was a celebration galore for cryptocurrency traders on Thursday as a result of the latest happenings in the digital currency markets.
Despite regulatory actions slowing down crypto trading in Nigeria, more services have begun to adopt peer-to-peer solutions, making the current bull run to attract more players into the sector.
The major tokens tracked by Business Post surged in the last 24 hours, with the Dash (DASH) emerging as the highest price gainer after it jumped by 47.9 per cent to N190,981.
This was followed by Tron (TRX) which climbed by 29.7 per cent to sell at N34.94, Litecoin (LTC) appreciated by 11.4 per cent to trade at N128,807.69, while Ethereum (ETH) grew by 11.2 per cent to quote at N1,063,501.99.
Furthermore, the US Dollar Tether (USDT) improved by 8.4 per cent to settle at N550, the Ripple (XRP) appreciated by 6.9 per cent to trade at N298.45, while the Bitcoin (BTC) gained 1.7 per cent to trade at N26,870,003.00.
