Bitcoin Nears N9m As Naira Gains N1 Against Dollar At Parallel Market

Business Post gathered from Quidax, a platform used for trading cryptocurrencies in Naira, that six other digital currencies tracked equally followed the trend.

Ethereum (ETH) sold for N298,999.99 after going up by 5.4 per cent, Ripple (RPX), which traded at N228.02, went up the highest by 24.9 per cent, while Dash (DASH) gained 1.6 per cent to trade at N45,950.99.

In addition, the Litecoin (LTC) went up by 2.7 per cent to settle at N42,932.73, Tron (TRX) sold for N15.40 after gaining 3.1 per cent, while the US Dollar Tether (USDT) gained 0.6 per cent to sell for N484.82.

At the foreign exchange market, the local currency, after being battered in the past two weeks, opened the new week on a brighter note as it appreciated by N1 against the US Dollar at the black market, closing at N483/$1 versus N484/$1 it was exchanged at the preceding session.

However, the Nigerian currency closed flat against the British Pound Sterling to wrap the day at N620/£1 at the same window while against the Euro, it gained N5 to sell at N565/€1 compared to N570/€1 it did at the previous session.

At the Investors and Exporters (I&E) window of the foreign exchange market, the Naira depreciated against the Dollar yesterday by 17 kobo or 0.04 per cent against the US Dollar to close at N386/$1 as against N385.83/$1 it sold previously.

The loss recorded at the FX market segment came despite a drop in the appetite of customers for the greenback as investors demanded greenback worth $45.84 million, 31.5 per cent or $21.05 million lower than the $66.89 million that was recorded last Friday.

A look at the Bureaux De Change (BDC) window of the market indicated that the rate of the Naira against the greenback remained fixed at N386/$1 on Monday just as the exchange rate of the Naira to the Dollar at the interbank segment remained unchanged at N379/$1 yesterday.

– Business Post