By Adedapo Adesanya
The Naira extended its recent recovery against the US Dollar at the black market segment of the foreign exchange (forex) market on Wednesday, August 4.
During the midweek session, it appreciated against the greenback by N2 to sell for N506/$1 in contrast to N508/$1 at the preceding trading session.
Business Post observed that yesterday morning, traders sold the Dollar to customers at N508/$1 but in the afternoon, it was exchanged at N506/$1, the price it was also traded in the evening.
It was the fifth straight session the local currency has appreciated against the American currency after it depreciated by N20 last Wednesday.
At the market yesterday, the Naira also appreciated against the Euro by N3, closing at N595/€1 in contrast to N598/€1 it sold at the unregulated market on Tuesday and against the Pound Sterling, it closed flat at N705/£1.
A look at the Investors and Exporters (I&E) segment showed that the value of the local currency compared with the US Dollar remained unchanged at N411.50/$1 despite a rise in the turnover by $11.75 million or 10.2 per cent to $126.92 million from the previous day’s $115.17 million.
At the interbank segment, the Nigerian currency also closed flat against the American Dollar on Wednesday at N410.11/$1.
Meanwhile, at the cryptocurrency market, five out of the seven digital coins tracked by Business Post appreciated, with Bitcoin (BTC) growing by 4.9 per cent to close at N20,865,321.26.
Ethereum (ETH) made an 8.9 per cent surge to close at N1,348,158.83, Litecoin (LTC) rose by 5.6 per cent to trade at N72,000.00, Tron (TRX) recorded a 2.0 per cent rise to sell at N33.60, while Dash (DASH) appreciated by 0.1 per cent to sell at N76,002.10.
On the losers side, Ripple (XRP) dipped by 1.4 per cent to trade at N363.00, while the US Dollar Tether (USDT) depreciated by 0.9 per cent to settle at N507.83.
Modupe Gbadeyanka