Naira Closes the Week With 0.3% Appreciation Against US Dollar

The Naira concluded the week with a 0.3 percent appreciation against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Friday, June 10.

Naira was traded at the official investor’s window for  N421.25 compared to the previous day which was sold at N422.50/$1, recording a 0.3 percent appreciation.

This came after the value of currency exchanging on the spot market fell by 31.6 percent during the trading session.

Investors King observed that transactions worth $105.11 million were carried out during the session compared with the $153.71 million achieved in the preceding day.

Naira’s overall review for the week on the Investors & Exporters window was on the barest average, as it witnessed a flat rate of N420.25 – N420.75/$1 for the three days while recording a 0.54% loss to be sold at N422.50/$1 on the fourth day only to bounce back on Friday.

Meanwhile, at the official Central Bank of Nigeria’s (CBN) trading segment, the Naira remained unchanged for the whole week. This implies that Naira was exchanged at N415.63/$1 to commercial banks as stated yesterday.

The parallel market popularly known as the black market witnessed a downslide as the United States Dollar gained 2 Naira against the local currency. Unlike the previous trading session which was sold between N600 to N610 to 1 Dollar, Naira’s minimal exchange rate was between N602- N610.

Cryptocurrency Exchange Rate

The digital currencies further witness a devaluation in price as the crash persists!

Over the past 24 hours, the Bitcoin exchange rate fell to $28,477.22 which is equivalent to N11,807,335.02 for a coin. This was a downslide of 3.89% as against the $30,079.80, that was recorded on Friday. The recent price action in Bitcoin left the token’s market capitalization at $540,175,173,174.81 USD.

The Ethereum (ETH) like its counterpart experienced a bottom barrel decline in value as it recorded a 10.42% change over the past 24 hours. This reveals a coin is sold at $1,548.37, or N642,774.84.  In the week’s evaluation, ETH only recorded an improvement of 2.38% on Tuesday with a coin being sold at N1,081,309.

This time around, Binance (BNB), followed through with a decline as it witnessed a change of 4.97% over the past 24 hours. The Binance Coin price is $275.84, or N114,509.46. BNB had maintained a balanced rate with a coin price sold at $288.92, as of yesterday.