Naira Gains N10 against Green Back at Black Market, Trades N465/$1

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Nigeria’s currency Naira waxed stronger against the United States Dollar as it gained N10 at the black market on Thursday, December 24 to trade at N465/$1 compared with N475/$1 it was exchanged at the preceding session.

It was also the same pattern for the Naira at the same unregulated foreign exchange market as it appreciated by N7 against the British Pound Sterling to trade at N625/£1 versus N632/£1 it closed on Wednesday and against the Euro, it gained N10 to finish at N570/€1 in contrast to N580/€1 it was sold a day earlier.

But at the Investors and Exporters (I&E) window, the Naira remained unchanged against the American currency on Thursday at N392/$1.

The stability was supported by the decrease in the demand for forex at the market window yesterday as trades worth $98.47 million occurred on the day before Christmas in contrast to the $117.23 million transacted on Wednesday, representing a decline by 16.0 per cent or $18.76 million.

Also, at the Bureaux De Change (BDC) segment of the market on Thursday, the local currency traded flat against the greenback to close at N395/$1 and further traded flat against the Dollar at the interbank market, closing at N379/$1.

Meanwhile, after a turbulent time at the cryptocurrency market, the Ripples (XRP) made a 24.6 per cent gain on Thursday to sell at N161.77. The digital currency had been faced with regulatory clampdown from the United States’ Securities and Exchange Commission (SEC) over whether it is a security or a currency. This had made investors dump the token.

During the trading session, the Dash (DASH) made a 12.6 per cent gain to sell at N49,000, while the Tron (TRX) gained 9.0 per cent to sell at N13.08 with the Litecoin (LTC) appreciating by 4.3 per cent to trade at N52,499.

However, the Bitcoin (BTC) saw its value drop 0.2 per cent to N11,000,082.99, Ethereum (ETH) lost 1.6 per cent to finish at N288,210.01, while the US Dollar Tether (USDT) depreciated by 0.8 per cent to sell for N472.11.

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