Naira Appreciates by 0.16% at Spot Market

By Adedapo Adesanya

The Naira appreciated against the United States Dollar by 0.16 per cent or 67 kobo at the Investors and Exporters (I&E) segment of the foreign exchange market on Friday as it closed at N416.00/$1 compared with N416.67/$1 of the previous session.

The growth posted by the local currency at the spot market on the final trading session of the week was buoyed by a low turnover of forex transactions, which stood at $84.65 million, 28.9 per cent or $25.1 million lower than the $109.75 million achieved a day earlier.

But against the Pound Sterling, the local currency closed flat yesterday N566.73/£1 and also remained unchanged against the Euro to settle at N477.42/€1.

However, the exchange rate of the Nigerian Naira to the American currency at the peer-to-peer (P2P) market was in favour of the former as it gained N1 or 0.17 per cent to close at N573/$1 compared to N574/$1 it was transacted at the previous session.

Meanwhile, at the digital currency market, it was bearish as nine of the 10 tokens tracked by Business Post headed southwards, with Dash (DASH) recording the heaviest loss as a result of the decline of 8.6 per cent it posted during the session to sell for N57,028.54.

In addition, Tron (TRX) went down by 6.0 per cent to trade at N35.57, Cardano (ADA) depreciated by 6.0 per cent to trade at N631.68, Litecoin (LTC) declined by 5.7 per cent to quote at N73,922.67, while Ripple (XRP) lost 4.9 per cent to sell at N552.75.

Furthermore, Ethereum (ETH) went down during the session by 4.3 per cent to trade at N1,764,841.66, Dogecoin (DOGE) also went down 4.3 per cent down to sell at N85.30, Binance Coin (BNB) suffered a 3.1 per cent depreciation to settle at N166,713.04, while Bitcoin (BTC) depreciated by 1.7 per cent to trade at N24,684,021.

The only advancer was the US Dollar Tether (USDT), which recorded a 0.9 per cent gain to sell for N579.88.