By Adedapo Adesanya
The Naira appreciated by 25 kobo or 0.06 per cent against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Thursday as it closed at N411/$1 in contrast to N411.25/$1 of the preceding day.
The supply of FX to the specialised segment of the market helped the local currency to close stronger as the value of transactions increased by 229.2 per cent or $76.91 million to $110.46 million from $33.55 million recorded on Wednesday.
But at the black market, which caters for FX demands of those not met by the government-regulated channels like the I&E, the local currency retained its previous rate against the US currency as it sold N485/$1.
Equally, against the Pound Sterling, the local currency finished the day at the same rate it was exchanged at the previous session, N672/£1 but further declined by N2 against the Euro to sell at N584/€1 in contrast to N582/€1 it traded previously.
At the interbank segment of the market, which is the official window for the government forex transactions, the exchange rate of the domestic currency to the Dollar remained unchanged at N379/$1 on Thursday.
Volatile Outcome Grips Cryptocurrency Assets
As for digital currency on the cryptocurrency market, investors are still trading with caution with eyes on developments in the crypto world.
Yesterday, the Bitcoin (BTC) depreciated by 3.2 per cent to trade at N26,336,002.16, Ethereum (ETH) went down by 0.7 per cent to trade at N1,339,999.00, Tron (TRX) declined by 1.1 per cent to sell at N61.29, while the US Dollar Tether (USDT) depreciated by 0.7 per cent to trade at N500.99.
On the flip side, Ripple (XRP) appreciated by 4.9 per cent to trade at N698.90, the Dash (DASH) improved its value by 4.4 per cent to sell at N144,128.75, while Litecoin (LTC) gained 3.5 per cent to quote at N132,000.
The blockchain brings new financing options to the business market. For example, Bitcoin Cash casino has adapted to only using cryptocurrency. This way, it makes it easier for their customers to deposit and withdraw in a BCH casino. Entrepreneurs have taken note of this and are looking to invest more in crypto than in fiat markets.
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