Market News

By Adedapo Adesanya

The Naira closed the week on Friday, April 16 with a decline by 0.12 per cent or 50 kobo against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market, trading at N411/$1 compared with N410.50/$1 it was sold on Thursday.

The decline in the value of the Naira occurred despite a reduction in the value of transactions recorded at the market segment yesterday as trades worth $61.52 million were carried compared with $116.16 million achieved the previous day, indicating a decrease by $54.64 million or 47.0 per cent.

At the interbank segment of the market, the Naira remained unchanged against the Dollar at N379/$1 yesterday, while at the parallel market, the local currency traded flat against the greenback at N482/$1.

Also, the domestic currency closed at the same rate it traded against the British Pound Sterling at the black on Thursday, N670/£1 but gained N2 against the Euro to trade at N570/€1 compared with N572/€1 of the preceding session.

Value of BTC, ETH, XRP Drop

The cryptocurrency market was mostly mixed on Friday and this came a day after a bullish run was sparked by renewed interest in digital coins following a move of acceptance as a trading exchange, Coinbase, on one of the US Stock Exchanges.

At the close of business yesterday, four of the seven digital tokens tracked by Business Post ended in the positive region with three closing bearish.

Bitcoin made a 0.9 per cent depreciation to trade at N30,571,953.66; Ethereum lost 2.0 per cent to sell at N1,173,999.00; while Ripple (XRP) depreciated by 9.5 per cent to trade at N810.51.

On the gainers’ side, Litecoin (LTC) appreciated by 10.5 per cent to sell at N157,588.95; Dash (DASH) went up by 9.1 per cent to quote at N183,874.64; Tron (TRX) grew by 1.8 per cent to sell for N83.00; while the US Dollar Tether (USDT) rose by 0.3 per cent to sell at N497.10.