Naira Gains at FX Market as Dogecoin Spikes 20.7%

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By Adedapo Adesanya

The Naira appreciated against the Dollar at the Investors and Exporters (I&E) segment of the Nigerian foreign exchange (forex) market on Monday by 0.25 per cent or N1.03 to settle at N417.30/$1 compared with the previous exchange rate of N418.33/$1.

Equally, the local currency appreciated against the Pound Sterling at the spot market by N6.04 to N530.54/£1 from N536.58/£1 and also gained N2.98 against the Euro to close at N447.30/€1 in contrast to the previously quoted rate of N450.28/€1.

However, the domestic currency depreciated against the greenback at the peer-to-peer (P2P) FX market segment by N1 or 0.17 per cent to N586/$1 from N585/$1.

At the cryptocurrency market, Business Post reports that it was mixed, though investors reacted to news of Mr Elon Musk finally achieving his desire to fully take over Twitter.

This pushed the price of Dogecoin (DOGE) higher by 20.7 per cent to sell at N96.63.

The meme coin is being promoted by Mr Musk and it is believed that with Twitter in his pocket, the digital currency will become very valuable in no time.

Twitter has a payment feature which accepts limited cryptocurrencies and with the takeover, this opens the possibility of a future integration for Dogecoin on the app when it enters private hands.

Also, Ethereum (ETH) made a 1.9 per cent gain to sell at N1,809,000, Bitcoin (BTC) grew by 1.5 per cent to trade at N24, 319,999, Cardano (ADA) appreciated by 0.9 per cent to trade at N541.14, while Binance Coin (BNB) gained 0.4 per cent to trade at N243,103.21.

On the flip side, Dash (DASH) lost 2.3 per cent to sell at N62,993.14, Ripple (XRP) fell by 1.5 per cent to trade at N416.39, Litecoin (LTC) went down by 0.7 per cent to settle at N62,993.14, Solana (SOL) lost 0.3 per cent to sell at N60,461.51 while the US Dollar Tether (USDT) declined by 0.1 per cent to quote at N597.45.

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