By Adedapo Adesanya
The Nigerian Naira strengthened by 21.7 per cent or N216.61 on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 10.
Amid a weak supply, the local currency closed at N780.14/$1 during the last trading session of the week at the official market compared with the preceding session’s N996.75/$1.
This occurred amid a 62.3 per cent or $144.52 million decline in the supply of foreign exchange (forex) into the spot market yesterday, with the turnover closing at $84.02 million compared with Thursday’s $228.54 million.
However, in the peer-to-peer (P2P) segment, the Naira weakened against the greenback yesterday by N19 to settle at N1,041/$1 versus the previous day’s value of N1,027/$1.
Also, the value of the domestic currency slumped against the American currency by N5 to trade at N1,145/$1, in contrast to the preceding day’s rate of N1,140/$1.
Similarly, the Naira performed woefully against the Pound Sterling in the spot market on Friday, losing N130.86 to trade at N1,185.43/£1 compared with the earlier day’s value of N1,054.57/£1 and against the Euro, it depreciated by N116.51 to sell at N1,034.18/€1 versus the N917.67/€1 it traded in the preceding session.
Meanwhile, the price of Solana (SOL) continued to surge in the cryptocurrency market, gaining 17.3 per cent yesterday to close at $55.34 amid the significant development of BlackRock filing for a spot Ethereum ETF.
Dogecoin (DOGE) rose by 6.9 per cent to trade at $0.0795, Cardano (ADA) improved by 1.7 per cent to $0.3784, and Bitcoin (BTC) rose by 1.4 per cent to settle at $37,141.49.
But Ethereum (ETH) went down by 2.5 per cent to $2,059.56, Binance Coin (BNB) depreciated by 2.2 per cent to quote at $248.78, Litecoin (LTC) went south by 1.5 per cent to trade at $72.40, and Ripple (XRP) recorded a 1.0 per cent slide to finish at $0.6539, while the US Dollar Tether (USDT) and Binance USD (BUSD) traded at $1.00 each.
Dipo Olowookere