Naira to Dollar Exchange Rate Stable on Friday
By Adedapo Adesanya
The exchange rate of the Naira to the Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market was unchanged on Friday, April 8, closing at the previously traded rate of N416.67/$1 amid the usual increase in the demand for forex at weekends.
However, the local currency appreciated against the British Pound Sterling at the spot market yesterday by N2.32 to trade at N544.69/£1 compared with Thursday’s closing price of N544.69/£1.
It was a similar situation with the Euro as the Nigerian currency appreciated by N2.45 to sell at the final session of the week at N451.91/€1 in contrast to N454.35/€1.
A look at the performance of the Naira at the Peer-2-Peer (P2P) segment of the market showed that it traded flat against the United States currency, closing at N584/$1.
A trip to the digital currency market indicated that yesterday, most traders did not have a reason to smile and the value of their tokens decreased before the close of transactions.
Seven of the 10 key coins monitored by Business Post across several trading platforms suffered losses during the session, with Solana (SOL) falling by 4.1 per cent to trade at N67,907.71.
Cardano (ADA) depreciated by 3.1 per cent to settle at N629.45, Ripple (XRP) lost 2.4 per cent to sell at N457.48, Dash (DASH) slid by 2.3 per cent to quote at N66,075.38, Binance Coin (BNB) recorded a 1.8 per cent slide to trade at N177,706.84, Bitcoin (BTC) saw a 1.6 per cent depreciation as it sold for N26,531,859.00, while Litecoin (LTC) fell by 0.5 per cent to trade at N67,984.23.
On the flip side, Dogecoin (DOGE) made a 0.7 per cent gain to trade at N87.33, Ethereum (ETH) saw its value go up by 0.6 per cent to sell at N1,809,000.00, while the United States Dollar Tether (USDT) made a 0.2 per cent gain to sell at N592.60.