Naira Falls to N770.17/$1 at Official Market

In the final trading session of the week, the Naira showed no sign of easing as it dropped again, this time by 0.66 per cent or N5.04 against the US Dollar at the Investors and Exporters (I&E) wing of the foreign exchange (forex) market to sell at N770.17/$1 compared with the previous day’s value of N765.13/$1.

Data showed that the FX turnover for the trading session moderated by 38.7 per cent or $79.37 million to $125.47 million from the $204.84 million recorded on Thursday.

Also, in the black market, the local currency depreciated against its American counterpart by N2 to quote at N767/$1, in contrast to the previous day’s rate of N765/$1.

However, the domestic currency further appreciated against the greenback in the Peer-2-Peer (P2P) window yesterday by N4 to close at N780/$1, in contrast to the N784/$1 it was transacted a day earlier.

The Naira firmed by N50.52 against the Pound Sterling in the official market on Friday to sell at N960.19/£1 compared with Thursday’s exchange rate of N909.67/£ and gained N43.48 against the Euro to end the day at N825.77/€1 versus N782.29/€1.

The cryptocurrency market recorded a recovery yesterday fueled by institutions’ commitment to layering crypto into their businesses, as investors have been upbeat since BlackRock, the largest asset manager in the world, filed an application for the first spot bitcoin exchange-traded fund in the US on Thursday.

Bitcoin (BTC) improved its value by 2.4 per cent to $30,046.86, Ethereum (ETH) gained 0.6 per cent to sell at $1,895.54, Litecoin (LTC) appreciated by 6.8 per cent to $91.67, Dogecoin (DOGE) grew by 3.5 per cent to $0.0683, and Solana (SOL) recorded a 2.8 per cent jump to trade at $17.23.

Further, Cardano (ADA) saw its value rise by 1.6 per cent to $0.2976, Binance Coin (BNB) went up by 1.2 per cent to trade at $245.68, and Ripple (XRP) rose 0.3 per cent to trade at $0.4977, while Binance USD (BUSD) and the US Dollar Tether (USDT) traded flat at $1.00 apiece.


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