Bitcoin Further Gains 5.4% As Naira Trades Flat At FX Market

The value of Bitcoin (BTC) appreciated further by 5.4 per cent as it was sold at the rate of N6,325,885 at the cryptocurrency market on Tuesday, October 27.

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Business Post gathered from data sourced from Quidax, a platform used for trading cryptocurrencies in Naira in Nigeria, that other digital currencies equally gained at the market yesterday.

The Ethereum (ETH) was sold for N187,998 after going up by 1.9 per cent, Ripple (RPX) equally went up to N116.98 as a result of the 2.3 per cent growth it recorded while Dash (DASH) rose by 2.7 per cent to trade at N33,100.

In addition, the Litecoin (LTC) went up by 4.7 per cent to settle at N27,217, the Tether (USDT) climbed 4.3 per cent as it sold for N465.99 while Tron (TRX) went up 0.9 per cent to N12.52.

Meanwhile, at the foreign exchange (FX) market yesterday, the value of the Naira remained unchanged against the United States Dollar at N386/$1 at the Investors and Exporters (I&E) window.

The stability of the local currency against its Americancounterpart was maintained despite a significant increase in the demand for forex by customers.

However, the Nigerian Naira was able to soak the huge pressure during the session as a result of the supply of FX to the market by the Central Bank of Nigeria.

On Tuesday, transactions worth $138.60 million were recorded at the investors’ segment, 272.3 per cent or $101.37 million higher than the $37.23 million recorded on Monday.

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At the black market on Tuesday, the local currency sustained its stability against the greenback as it closed the session flat at N463/$1.

However, at the same market segment, the Naira depreciated against the Pound Sterling by N1 to finish at N596/£1 compared with the previous day’s N595/£1. The domestic currency lost N2 against the Euro at the parallel market yesterday to settle at N542/€1 in contrast to N540/€1 it traded a day earlier.

But the value of the Naira at the black market on Tuesday against the Canadian Dollar, South African Rand, the UAE Dirham and the Ghanaian Cedi remained unchanged at N327/CAD1, N28/R1, N125/AED1, and N75/GH¢ respectively.

At the Bureaux De Change (BDC) window of the FX market, the Naira to Dollar exchange rate remained fixed at N386/$1 at the close of business on Tuesday.

Similarly, the value of the Nigerian currency against the American Dollar remained unchanged yesterday at N379/$1.

– Business Post

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