Naira Appreciates against US Dollar, British Pound and Euro in Official Market

By Adedapo Adesanya The Naira appreciated against the US Dollar by N28.05 or 1.7 per cent in the Nigerian Autonomous Foreign Exchange Market

The Naira on Friday appreciated against the Dollar by N28.05 in the Nigerian Autonomous Foreign Exchange Market (NAFEX).

The exchange rate closed at N1,631.21 to a Dollar in the official market as against N1,659.26 it was sold on Thursday.

At the close of the session, the turnover for the day dropped by 46.9 per cent or $211.03 million to $239.36 million compared with the $450.39 million recorded in the previous session.

At the Investors and Exporters (I&E) window, the Naira also appreciated against the British Pound Sterling and the European nation’s Euro in the spot market on Friday.

According to data from the Central Bank of Nigeria (CBN), the local currency was exchanged for a Pound Sterling at N2.175.44/£1 on Friday compared with the preceding day’s N2,199.65/£1, indicating a price appreciation of N24.21.

It also closed at N1,830.11 to the Euro on Friday compared with N1,830.89 it was sold on Thursday, indicating a 78 Kobo appreciation against the European nation’s currency.

At the parallel section of the foreign exchange market, the Nigerian currency appreciated against the Dollar during the session by N5 to quote at N1,670 to a Dollar, in contrast to Thursday’s closing price of N1,675 to a Dollar.

Meanwhile, in the cryptocurrency market, the bulls were in control after the employment picture in the US heated up in September, with the government reporting the addition of 254,000 jobs last month, flying past estimates for just 140,000.

In addition, August’s previously reported 142,000 job gain was revised higher to 159,000. As a result of the positive data, the unemployment rate slid to 4.1 per cent from 4.2 per cent in August versus forecasts for 4.2 per cent, giving a strong outlook for the markets.

The developments pushed the price of Bitcoin (BTC) higher by 1.2 per cent to $62,119.45 and raised Ethereum (ETH) by 1.5 per cent to $2,420.31, with Solana (SOL) gaining 3.6 per cent to sell at $144.26.

Further, Binance Coin (BNB) went up by 2.4 per cent to $563.08, Cardano (ADA) jumped by 1.9 per cent to $0.3551, Ripple (XRP) rose by 1.7 per cent to $0.5824, Litecoin (LTC) expanded by 1.5 per cent to $65.37, Dogecoin (DOGE) increased by 1.1 per cent to $0.109, and the US Dollar Coin (USDC) grew by 0.01 per cent to $1.00, while the US Dollar Tether (USDT) remained unchanged at $1.00.

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