The Naira further appreciated against the United States Dollar in the various segments of the foreign exchange (FX) market on Friday, October 31.
According to data from the Central Bank of Nigeria (CBN), the local currency improved its value against the greenback in the Nigerian Autonomous Foreign Exchange Market (NAFEM) during the session by N15.24 or 1.06 per cent to sell for N1,421.73/$1, in contrast to Thursday’s closing price of N1,436.97/$1.
Also in the official market, the Nigerian Naira gained N29.12 against the Pound Sterling yesterday to quote at N1,863.66/£1 versus the previous day’s value of N1,892.78/£1 and appreciated against the Euro by N24.20 to trade at N1,640.39/€1 compared with the previous session’s N1,664.59/€1.
It was a similar story for the domestic currency against the Dollar in the black market on Friday as it gained N20 to finish at N1,440/$1 compared with the previous day’s N1,460/$1 and improved against the greenback by N13 at GTBank to close at N1,440/$1 versus the N1,453/$1 it was traded a day earlier.
The Naira’s continued appreciation followed sufficient supply of forex into the currency market.
As for the cryptocurrency market, the recent losses eased, with Litecoin (LTC) jumping by 4.1 per cent to $97.94 and Dogecoin (DOGE) growing by 1.1 per cent to $0.1869.
Further, Ripple (XRP) rose by 0.9 per cent to $2.51, Ethereum (ETH) increased by 0.7 per cent to $3,863.92, Bitcoin (BTC) expanded by 0.4 per cent to $110,134.42, Cardano (ADA) appreciated by 0.4 per cent to $0.6138, and Solana (SOL) went up by 0.2 per cent to $185.70.
On the flip side, Binance Coin (BNB) went down by 1.1 per cent to sell for $1,086.40, while, the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained at $1.00 each.