Naira Sells N410/$ at I&E, Cryptos Appreciate

May 1, 2021
Naira to Dollar Exchange rate

By Adedapo Adesanya

The Naira extended its recent gains on Friday, April 30 against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market.

The Naira appreciated by 0.24 per cent or N1 against the greenback at the I&E window yesterday to sell for N410/$1 compared with N411/$1 it finished on Thursday.

The domestic currency sustained its positive performance at the market segment on the back of ease in demand pressure as the turnover recorded during the session reduced by 48.6 per cent or $53.65 million.

Data obtained by Business Post from FMDQ Securities Exchange showed that the value of FX transacted at the investors’ window decreased to $56.81 million from the previous day’s $110.46 million.

However, at the parallel market, the value of the Naira remained unchanged against the US Dollar yesterday at N485/$1 but it depreciated against the Pound Sterling and the Euro.

Against the British currency, the local currency lost N3 to trade at N675/£1 compared to Thursday’s N672/£1 and against the European nations’ currency, it depreciated by N1 to close at N585/€1 in contrast to N584/£1 it settled a day before.

At the interbank segment of the market, the Nigerian currency continued its stability against the American Dollar as it closed on Friday at N379/$1.

Renewed Interest Drives Crypto Up

Meanwhile, at the cryptocurrency market, there was renewed confidence as most of the digital assets tracked by Business Post were bullish.

The Bitcoin (BTC) appreciated by 7.3 per cent to trade at N28,000,000, the Ethereum (ETH) grew by 6.0 per cent to sell at N1,347,800.00, while the Ripple (XRP) improved by 14.6 per cent to trade at N776.04.

Further, Dash (DASH) rose by 4.7 per cent to sell at N144,428.99, Litecoin (LTC) appreciated by 1.1 to quote at N112,996.39, while Tron (TRX) rose by 5.7 per cent to sell for N64.88.

However, the value of the United States Dollar Tether (USDT) reduced during the session by 0.2 per cent to trade at N502.01.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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