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Naira Appreciates Against Dollar, Euro at Black Market

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By Adedapo Adesanya

The week ended with the Naira closing stronger against the US Dollar and Euro at the black market segment of the foreign exchange market on Friday, November 7.

At the market, Business Post gathered that the local currency closed at N464/$1, gaining N1 versus the N465/$1 it exchanged on Thursday.

In the same vein, the domestic currency appreciated by N3 against the Euro at the segment to close at N540/€1 in contrast to N543/€1 of the previous session and traded flat against the British Pound Sterling at N596/£1.

At the Bureaux De Change (BDC) segment, data obtained from the Association of the Bureaux De Change Operators of Nigeria (ABCON) showed that the Naira/Dollar exchange rate still stood at N386/$1.

The same pattern was experienced at the interbank segment as the Naira to Dollar rate remained at N379/$1 and for the third straight session, the local currency exchange rate against the United States currency at the Investors and Exporters (I&E) window remained unchanged at N386/$1.

The stability was maintained at the window despite the rise in the demand for forex at the segment yesterdat as a total of $163.71 million worth of transactions were recorded in contrast to the $150.02 million achieved the previous day, indicating a jump by $13.69 million or 9.1 per cent.

In a related development, at the cryptocurrency market, the Bitcoin had a bad day on Friday as it depreciated by 1.3 per cent to trade at N7,161,301.09.

However, other tokens recorded gains as Ethereum (ETH) appreciated by 5.9 per cent to sell at N213,000.00, the Ripple (RPX) gained 4.5 per cent to finish at N122.67, the Dash (DASH) improved by 3.2 per cent to trade at N32,699.98, Litecoin (LTC) rose by 4.5 per cent to settle at N29,561.11, Tron (TRX) moved up by 0.3 per cent to N12.16, while the US Dollar Tether (USDT) gained 0.2 per cent to sell for N462.02.

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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