Naira Trades Flat at Interbank, Black Market
By Adedapo Adesanya
The Nigerian Naira maintained its stability against the United States Dollar at the interbank and black market segments of the foreign exchange (FX) market on Friday.
Data obtained by Business Post from AbokiFX, a platform for tracking FX transactions at the unregulated window of the market, showed that the value of the Nigerian currency closed flat against its United States counterpart yesterday at N485/$1.
It was further observed that the domestic currency also traded flat against the British Pound Sterling at the same market window at N670/£1.
Britain is currently in a mourning mood as it lost the husband of Queen Elizabeth II, Prince Phillip, at the age of 99 on Friday. This news did not affect the value of the currency against the Naira in Nigeria yesterday.
Nigeria was colonised by the British and gained independence on October 1, 1960.
Back to the parallel market, the local currency depreciated against the Euro by N1 yesterday to sell for N574/€1 in contrast to N573/£1 it settled the day before.
At the interbank segment of the market, the Nigerian currency maintained its stability against the greenback as it closed at N379/$1.
However, at the Investors and Exporters (I&E) window of the FX market, the Naira sustained its growth against the American currency by appreciating by 0.16 per cent or 50 kobo.
At the close of transactions yesterday, the local currency settled at N409/$1 as against N409.65/$1 it finished on Thursday.
This happened as the value of trades reduced by $38.48 million or 41.1 per cent to $55.21 million from the preceding day’s $93.69 million.
Cryptocurrencies extend bullish run
Meanwhile, at the cryptocurrency market, the renewed confidence in the assets sustained the bullish outcome on Friday as the Bitcoin (BTC) gained 5.1 per cent to trade at N29,770,184.69.
Ethereum (ETH) appreciated by 5.9 per cent to sell at N1,067,485.92; Ripple (XRP) grew by 1.9 per cent to trade at N517.10; Dash (DASH) gained 5.2 per cent to sell at N134,000; Litecoin (LTC) improved by 2.3 per cent to quote at N112,996.39; while the United States Dollar Tether (USDT) appreciated by 0.2 per cent to sell for N495.15.
However, it was a bad day for the Tron (TRX) as its value went down by 2.5 per cent to sell at N60.14.