Adedapo Adesanya
By Adedapo Adesanya
The value of the Nigerian Naira was strengthened against the US Dollar in the official segment of the foreign exchange (FX) market on Friday, November 17 by 5.9 per cent or N49.39.
According to data obtained from the FMDQ Securities Exchange, the domestic currency traded against the greenback during the session at N791.75/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) versus the previous day’s rate of N841.14/$1.
The local currency regained strength yesterday amid an improvement in the supply of forex into the system by 23.6 per cent or $30.13 million, with the turnover closing at $157.78 million compared with the $127.65 million achieved a day earlier.
However, in the Peer-to-Peer (P2P) window, the Naira depreciated against the Dollar on Friday by N1 to quote at N1,115/$1, in contrast to the preceding session’s value of N1,114/$1.
Similarly, in the black market section, the Nigerian currency shrank against its American counterpart yesterday by N5 to close at N1,135/$1 compared with Thursday’s closing price of N1,130/$1.
It was not different with the Naira in the official market against the Pound Sterling as it lost N16.15 to trade at N1,045.89/£1 versus N1,029.74/£1 and against the Euro, it depleted by N16.64 to settle at N915.09/€1 compared with the previous day’s N898.45/€1.
As for the digital currency market, it was mixed on Friday, with Bitcoin (BTC) remaining above the $36,300 mark after it rose by 1.2 per cent to $36,390.46, as Dogecoin (DOGE) appreciated by 4.0 per cent to sell at $0.0826, and Binance Coin (BNB) went up by 0.9 per cent to trade at $243.13.
However, Ethereum (ETH) slid by 0.7 per cent to close at $1,942.35, Solana (SOL) recorded a 2.7 per cent loss to trade at $58.09, Cardano (ADA) slumped by 1.8 per cent to $0.3628, Litecoin (LTC) declined by 1.6 per cent to $69.59, and Ripple (XRP) went down by 0.7 per cent to trade at $0.6097, while Binance USD (BUSD) and the US Dollar Tether (USDT) remained unchanged at $1.00 apiece.
