By Adedapo Adesanya
The Naira appreciated by N1 on the US Dollar at the parallel or black market segment of the foreign exchange market on Friday, March 26.
According to data from AbokiFX, the local currency closed yesterday at N485/$1 in contrast to N486/$1 it was exchanged at the preceding session.
Equally against the Euro, the domestic currency appreciated by N2 at the unregulated FX window to trade at N578/€1 compared to the previous rate of N580/€1 but closed flat against the Pound Sterling at N680/£1.
However, it was a different scenario for the local currency at the Investors and Exporters (I&E) window of the market on Friday as it depreciated against the greenback by 0.06 per cent or 25 kobo to settle at N410/$1 in contrast to N409.75/$1 it closed at the previous session.
This happened as the window recorded a 57.9 per cent or $99.42 million decrease in the demand for forex as transactions worth $72.43 million were made compared with the turnover of $171.85 million achieved at the preceding session.
Meanwhile, at the interbank segment, Naira still maintained stability against the American currency at N379/$1.
Recovery at the cryptocurrency market
Looking at the cryptocurrency market, six of the seven cryptocurrencies tracked by Business Post on trading and tracking platform, Quidax, rebounded into the positive territory, chasing away the bears that had dominated the market in the previous sessions.
The most valued token in the world, Bitcoin (BTC), gained 5.0 per cent to sell at N27,299,989.00; the second most valued digital currency, Ethereum (ETH), appreciated by 2.5 per cent to N1,149,991.00; while Ripple (XRP) recorded a 6.1 per cent gain to trade at N279.99.
Other gainers included the Litecoin (LTC), which appreciated by 2.8 per cent to trade at N92,544.23; the Dash (DASH), which grew by 5.3 per cent to sell at N100,000; while the Tron (TRX) surged 13.4 per cent to sell at N32.50.
On the other hand, the US Dollar Tether (USDT) printed a 0.9 per cent decrease to trade at 503.17.
Dipo Olowookere