Adedapo Adesanya
By Adedapo Adesanya
The Nigerian currency strengthened against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Friday.
During the last trading session of the week, the Naira appreciated by N1.03 or 0.25 per cent against the greenback to settle at N410.80/$1 in contrast to the previous day’s N411.83/$1.
The appreciation of the domestic currency came despite coming under a demand pressure, but the availability of FX to meet the quests of genuine customers.
At the session, data sourced from the FMDQ Securities Exchange showed that the turnover increased by 3.2 per cent or $2.89 million as transactions worth $92.78 million were recorded in contrast to $89.89 million recorded the day before.
At the parallel market, the Naira remained unchanged against the US Dollar but depreciated against the Pound Sterling and the Euro.
Business Post reports that the domestic currency remained at N502/$1 at the unregulated FX segment but lost N2 against the British currency to sell for N715/£1 compared with N713/£1 it was traded at the preceding session and depreciated by N1 against the Euro to close at N607/€1 in contrast to N606/£1 it was transacted at the earlier day.
At the interbank segment of the market, the Nigerian currency appreciated against the American Dollar by one kobo to sell at N410.13/$1 versus the previous session’s N410.14/$1.
Cryptos Languish in Bearish Territory
Meanwhile, on Friday, all the seven cryptocurrencies tracked by this newspaper were in bearish territory as investors appetite waned for the assets.
The Bitcoin (BTC) went south by 3.6 per cent to trade at N18,000,012.30, Ethereum (ETH) recorded a 3.5 per cent depreciation to sell at N1,158,000.00, while the Ripple (XRP) dipped by 3.6 per cent to trade at N425.00.
Furthermore, the Dash (DASH) declined by 1.7 per cent to trade at N83,095.04, Litecoin (LTC) went down by 2.3 per cent to trade at N83,549.00, Tron (TRX) depreciated by 6.9 per cent to sell at N34.15, while the US Dollar Tether (USDT) declined by 0.2 per cent to sell for N513.00.
