Naira Appreciates to N414.07/$1 as Bitcoin Hits $66k
The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market by 0.16 per cent or 66 kobo on Wednesday, October 20 as trading returned after the Eid-el-Maulud holiday break.
At the close of business at the midweek session, the local currency was sold for N414.07/$1 in contrast to N414.73/$1 it was traded on Monday, according to data obtained from FMDQ Securities Exchange.
During the second trading session of the week, a turnover of $334.97 million was recorded as against the $172 million achieved at the preceding session.
This indicated a $162.97 million or 48.7 per cent rise in the value of transactions yesterday and because of the anticipation of pressure on the Nigerian currency, FX supply was made available to traders and this supported the growth posted by the domestic currency during the trading day.
But at the interbank segment of the market, the Nigerian currency maintained stability against the American Dollar as it remained unchanged at N410.89/$1 on Wednesday.
Meanwhile, at the cryptocurrency market, Bitcoin (BTC) rallied to an all-time high (ATH) of $66,000 yesterday as optimism surged for greater mainstream acceptance in the wake of the successful launch of the first exchange-traded fund for US investors.
In a Naira equivalent, the most popular digital coin in the world was sold for N37,004,384.99 after it rose by 2.8 per cent.
On October 19, 2021, the Proshares Bitcoin Strategy ETF (BITO) was launched. The bitcoin exchange-traded fund is the first ETF ever to be approved in the United States and it’s based on bitcoin futures markets.
This development triggered a renewed interest in the cryptos and caused Litecoin (LTC) to rise by 9.3 per cent to N117,992.99. Dash (DASH) went up by 5.9 per cent to sell for N111,892.63, Tron (TRX) grew by 4.7 per cent to trade at N58.70, while Ripple (XRP) appreciated by 4.4 per cent to trade at N635.00.
Further, Dogecoin (DOGE) was 4.2 per cent higher to sell at N150.96, Cardano (ADA) saw its value rise by 4.1 per cent to N1,305.81, Binance Coin (BNB) made a 3.4 per cent gain to trade at N205,395.75, while Ethereum (ETH) rose by 1.7 per cent to trade at N2,203,900.99.
However, the US Dollar Tether (USDT) went down by 0.4 per cent to sell for N565.49.
Leave a Reply
Makinde pledges support for Mouka Foam to site factory in Oyo
Tinubu appoints house of reps speaker, Femi Gbajabiamila as Chief-of-staff
‘I don’t beat my wife’, Seun Kuti denies allegations of domestic violence
Police officer remanded in prison for N123 Million fraud in Lagos
Explosion at LASUTH destroys offices, shops
Drum rolls as Bigi and Sosa Fruit Drink of Rite Foods Share exciting moments with Children in Lagos
10 things you didn’t know about Raymond Dokpesi
I wish Tinubu every success in guiding our country towards stability – NDDC Gov Board member
Fuel subsidy removal: FG to meet NLC today
Nigerians groan as fuel scarcity hit major cities
Join our Facebook Fan page
News2 weeks ago
Heavily pregnant Lagos woman stabs maid for disobeying her
News1 week ago
Nigerian man traumatised as scammer poses as his friend to defraud him of millions using AI
News4 weeks ago
Tinubu: Court adjourns hearing on Peter Obi’s petition till May 10
News1 week ago
Nigerian youtuber comes under severe fire over BBC interview
Pingback: Nigerian Undergraduates, Graduates to Get N500m Grant from CBN - Earth News