Adedapo Adesanya
By Adedapo Adesanya
The Naira finished N1 or 0.21 per cent stronger than the US Dollar at the parallel market on Friday, closing at N477/$1 as against the N478/$1 it traded the previous day.
Equally, the Nigerian currency gained N3 against the Pound Sterling at the black market to settle at N630/£1 compared to the previous session’s N633/£1 and remained unchanged against the Euro at the same market window yesterday at N577/€1.
At the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Friday, the exchange rate of the Naira to the Dollar remained unchanged at N394/$1.
It was observed that at the last trading day of the week at the window, there was less pressure on the domestic currency, which contributed to the stability recorded.
During the session, the demand for forex waned by 32.9 per cent or $72.27 million to $147.33 million from the $219.60 million turnover recorded on Thursday.
A look at the Bureaux De Change (BDC) segment of the market yesterday indicated that the Nigerian currency maintained stability against the greenback, closing at N395/$1, according to data from the Association of Bureaux De Change Operators of Nigeria (ABCON).
The same outcome was recorded at the interbank window of the forex market on Friday as the Naira traded flat against the United States Dollar at N379/$1.
Meanwhile, at the cryptocurrency market, it was a mixed outcome for the major digital currencies as the Bitcoin (BTC) emerged the only gainer with a 0.2 per cent growth to trade at N10,881,000.
However, the Ripple (RPX) depreciated by 6.3 per cent to sell at N271.54, the Ethereum (ETH) went down by 0.7 per cent to close at N310,495.00, the Litecoin (LTC) fell by 1.7 per cent to N51,100.89, the Dash (DASH) dropped 2.6 per cent to settle at N50,850.00, the Tron (TRX) reduced by 2.1 per cent to trade at N14.72, while the US Dollar Tether (USDT) depreciated by 0.5 per cent to sell for N474.00.
