Naira Drops to N582/$1 as Ethereum, Others Appreciate

By Adedapo Adesanya

The value of the Naira to the Dollar further depreciated on Friday at the Peer-2-Peer (P2P) segment of the foreign exchange (forex) market by 0.1 per cent or N1 as it closed at N582/$1 compared with the previous day’s value of N581/$1.

However, the exchange rate of the domestic currency to its American counterpart was in favour of the former, which appreciated by 0.04 per cent or 17 kobo at the Investors and Exporters (I&E) window of the FX market.

Business Post reports that at the final trading session of the week, the local currency was exchanged at N416.50/$1 in contrast to N416.67/$1 it traded on Thursday at the spot market.

But the Nigerian currency closed weaker against the Pound Sterling yesterday by 25 kobo to trade at N547.01/£1 compared to the previously traded rate of N546.76/£1 and against the Euro, the Naira gained N1.16 to close at 459.11/€1 in comparison to the preceding session’s N460.27/€1.

A look at the cryptocurrency market indicated that on Friday, transactions closed bullish as all the 10 tokens monitored by this newspaper appreciated, with Ethereum (ETH) jumping by 5.1 per cent to sell at N1,751,353 and Dash (DASH) gaining 4.8 per cent to sell at N58,528.39.

Further, Cardano (ADA) recorded a 4.4 per cent gain to sell at N520.50, Solana (SOL) appreciated by 4.0 per cent to trade at N53,767.50, Ripple (XRP) rose by 3.1 per cent to N489.63, Dogecoin (DOGE) improved by 2.9 per cent to trade N70.35, Binance Coin (BNB) increased its value by 2.7 per cent to sell for N165,213.19, Litecoin (LTC) saw its value rise by 2.6 per cent to trade at N67,033.50, Bitcoin (BTC) improved by 2.5 per cent to quote at N24,381,300.60, while the United States Dollar Tether (USDT) recorded a 0.1 per cent rise to close at N591.43.