Adedapo Adesanya
By Adedapo Adesanya
The Naira strengthened against the US Dollar, the Pound Sterling, and the Euro at the parallel market segment of the foreign exchange market on Friday, May 7.
At the window, which caters for demands not met by government-regulated channels, the local currency gained N2 on the US currency as it sold for N483/$1 in contrast to N485/$1 it quoted at the previous session.
Following the same pattern, the Nigerian currency gained N4 against the Pound Sterling to finish the final trading session of the week at N672/£1 compared to N676/£1 it traded a day earlier.
On the Euro, the local currency gained N5 during the session to sell for N580/€1 in contrast to N585/€1 it traded at the preceding session.
Also, at the Investors and Exporters (I&E) window, the Naira appreciated by 67 kobo or 0.16 per cent against its American counterpart to trade at N410.33/$1 as against N411/$1 it traded on Thursday.
The domestic currency appreciated at the FX window in the midst of an increase in the turnover for the session by $40.18 million or 37.8 per cent to $146.52 million from $106.34 million.
However, at the interbank segment of the market, the Nigerian currency traded flat against the US Dollar during the session at N379/$1.
As for the digital currency market, the outcome was mixed as four of the seven tokens tracked by Business Post on the popular trading platform, Quidax, faced northwards.
The Bitcoin (BTC) appreciated by 1.4 per cent to trade at N28,190, 210.33, the Ethereum (ETH) increased by 2.0 per cent to sell at N1,743,744.00, the Dash (DASH) improved by 6.4 per cent to trade at N216,999.27, while the United States Dollar Tether (USDT) gained 2.2 per cent to trade at N525.50.
For the bearish coins, Ripple (XRP) lost 2.4 per cent to trade at N781.01, the Litecoin (LTC) went down by 2.3 per cent to trade at N170,902.99, while Tron (TRX) dropped 6.1 per cent to sell at N74.00.
