Naira Extends Gains on Dollar at Black Market, Now N476/$1
By Adedapo Adesanya
The Naira extended gains into a second day on Thursday, December 10, appreciating by N2 against the US Dollar at the black market to close the day at N476/$1 in contrast to the N478/$1 it traded on Wednesday.
However, the Naira wasn’t lucky against the Pound and the Euro. The domestic currency lost N4 on the British currency to close at N624/£1 versus N620/£1 and depreciated by N7 on the Euro to close at N577/€1 versus N570/€1.
At the Investors and Exporters (I&E) window, the Nigerian currency had a positive outcome against the Dollar on Thursday, gaining 7 kobo or 0.02 per cent to sell at N394.60/$1 compared with N394.67/$1 it was sold at the midweek session.
The appreciation came despite a spike in the demand for FX as data from the FMDQ Securities Exchange showed that transactions worth $140.07 million were recorded at the window, 96.6 per cent or $68.83 million more than the previous day’s $71.24 million.
At the Bureaux De Change (BDC) segment of the market, data from the Association of Bureaux De Change Operators of Nigeria (ABCON) showed that the Nigerian currency closed flat against the American currency at N395/$1.
Also, the value of the Naira to the US Dollar remained stable yesterday at the interbank window of the forex market at N379/$1.
However, at the digital currency market on Thursday, the bears maintained their grip, causing the value of most of the tokens to go lower at the close of transactions.
The Bitcoin (BTC) further dropped 1.6 per cent to trade at N8,841,003.99, the Ethereum (ETH) went down by 2.6 per cent to sell at N271,591.08, while the Ripple (RPX) depreciated by 2.3 per cent to close at N275.00.
Furthermore, the Dash (DASH) lost 5.6 per cent to trade at N44,362.72, the Litecoin (LTC) went down by 2.9 per cent to settle at N36,592.00, the Tron (TRX) lost 0.9 per cent to sell for N13.78, while the US Dollar Tether (USDT) depreciated by 0.1 per cent to sell for N486.43.