Adedapo Adesanya
By Adedapo Adesanya
The Naira gained ground against the United States Dollar at the parallel market segment of the foreign exchange on Thursday, April 22.
At the unregulated market, the local currency appreciated by N1 to close at N485/$1 in contrast to N486/$1 it traded at the previous day.
Also, against the Euro, the domestic currency appreciated by N1 to sell at N577/€1 compared to N578/€1 of the preceding day but closed flat against the Pound Sterling to close at N670/£1.
At the Investors and Exporters (I&E) segment of the market, the Naira witnessed no movement against the greenback as its value remained at N410/$1 on Thursday.
The Nigerian currency maintained this stability despite coming under demand pressure as the day’s turnover rose by $67.91 million or 169.2 per cent to $108.04 million from the preceding day’s $40.13 million.
At the interbank segment of the market, the Central Bank of Nigeria (CBN) still auctioned the FX to commercial banks in the county at N379/$1.
Bears Continue Rampage at Cryptocurrency Market
The cryptocurrency market remained in red on Thursday as all the seven digital coins monitored by Business Post closed bearish, with the Bitcoin (BTC) down by 9.4 per cent to sell at N24,824,837.
The Ethereum (ETH) went down by 3.6 per cent to sell at N1,098,733.63; Ripple (XRP) lost 17.3 per cent to close at N569.90; Tron (TRX) depreciated by 14.5 per cent to trade at N56.92; Dash (DASH) declined by 13.6 per cent to N133,225.52; Litecoin (LTC) fell by 8.7 per cent to trade at N116,953.42; while the US Dollar Tether (USDT) dropped 0.3 per cent to sell at N496.89.
