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.
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.
Like Our Facebook Page
Latest News on Business Post
- 11 Plc (Mobil Oil) Finally Quits Stock Exchange May 8, 2021
- NGX Index Rises 0.21% as Investors Patronise Value Stocks May 8, 2021
- Fresh Optimism Lifts Oil Market into Positive Territory May 8, 2021
- Moody’s Fears First Bank Financial Health Could be at Risk May 8, 2021
- CSCS Fixes May 18 for 27th AGM in Lagos May 8, 2021
- Super League: UEFA Sanctions Manchester United, Others May 7, 2021
- Union Bank CEO Buys Additional Shares Amidst Acquisition Rumour May 7, 2021
- Ex-Minister Mama Taraba Dies in Egypt May 7, 2021
- Heritage Bank, RTEAN Unveil Insurance Scheme for Travellers May 7, 2021
- NGX Praises Transcorp Hotels Efforts to Boost Investor Confidence May 7, 2021
Economy5 years ago
Kwara Disburses N1.7b For Projects
Technology5 months ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN
Feature/OPED1 year ago
Davos was Different this year
Economy3 years ago
FAAC: FG, States, LGs Share N655.18b in January
Economy2 months ago
MBA Forex Blames CBN for Inability to Return Investors’ Funds
General2 years ago
Ikeja Electric Explains How to Get Prepaid Metres via MAP
Banking3 years ago
Sort Codes of GTBank Branches in Nigeria
Feature/OPED2 months ago
COVID and the Growth of Technology in Nigeria