Naira Trades N475/$1 at Black Market

By Ahmed Rahma, Adedapo Adesanya

The Naira extended its gaining position against the Dollar at the black market segment of the foreign exchange (forex) on Thursday.

During the session, the Nigerian currency appreciated by N3 to close at N475/$1 compared with N478/$1 it was exchanged at the preceding day.

Also, the Naira appreciated against the Pound Sterling at the parallel market yesterday by N2 to finish at N650/£1 versus N652/£1 of the previous day and gained N5 against the Euro to settle at N570//€1 in contrast to the previous trading rate of N575/€1.

However, at the Investors and Exporters (I&E) segment of the market, the domestic currency finished flat against the greenback on Thursday at N400/$1.

This happened despite a higher demand for FX by customers, leading to 55.8 per cent or $28.33 million increase in the turnover to $79.07 million from $50.74 million of the preceding session.

At the interbank segment, the Naira maintained its stability against the US Dollar at N379/$1 and at the Bureaux De Change (BDC) window, the value of the Nigerian currency to the American currency remained unchanged at N395/$1.

Meanwhile, at the cryptocurrency market on Thursday, the majority of the digital currencies tracked by Business Post closed bullish.

The highest gainer was Tron (TRX), which gained 18.8 per cent to sell at N24.58. Dash (DASH) followed with a 17.7 per cent appreciation to sell at N68,398.99, while the value of Bitcoin (BTC) rose by 3.0 per cent to N20,670,832.38.

Also, Ripple (XRP) recorded a 3.0 per cent boost to trade at N233.05, while Litecoin (LTC) appreciated by 0.8 per cent to trade at N81,111.02.

However, Ethereum made a 0.1 per cent loss to sell at N789,999.99, while the US Dollar Tether (USDT) depreciated by 1.0 per cent to quote at N453.46.