By Adedapo Adesanya
The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, April 4, extending a stellar move to post-devaluation levels following a 0.6 per cent or N7.78 rise to close at N1,255.07/$1 compared with the previous day’s value of N1,262.85/$1.
The value of foreign exchange (FX) trades during the session went down by $27.19 million or 16.4 per cent to $138.99 million from $166.18 million.
The Naira also improved its value against the Pound Sterling in the official market by N79.81 to sell at N1,591.75/£1 compared with the preceding session’s N1,671.56/£1 and against the Euro, it scaled up N67.68 to quote at N1,365.15/€1 versus Wednesday’s rate of N1,432.83/€1.
A look at the parallel market showed that the Nigerian Naira appreciated by N5 against the Dollar during the trading day to close at N1,240/$1 compared with the N1,245/$1 it quoted at midweek.
In the cryptocurrency market, Binance Coin (BNB) led the gainers as it rose by 4.2 per cent to close at $585.70 as the Binance exchange introduced Saga (SAGA) as its 51st Launchpool project.
This unveiling marks another significant milestone in Binance’s continuous efforts to offer innovative opportunities to its users. It will allow users to stake their BNB and Binance USD (FDUSD) to earn SAGA tokens, the latest addition to Binance’s diverse ecosystem of digital assets. Saga is set to be listed with various trading pairs on April 9.
Further, Bitcoin (BTC) appreciated by 3.2 per cent to trade at $68,058.71, Ripple (XRP) recorded a 3.1 per cent jump to settle at $0.5915, Dogecoin (DOGE) climbed by 2.2 per cent to sell at $0.1786, Cardano (ADA) added 0.9 per cent to trade at $0.5792, and Ethereum (ETH) grew by 0.5 per cent to sell at $3,328.03.
On the flip side, Solana (SOL) made a 1.1 per cent depreciation to quote at $182.93, and Litecoin (LTC) went down by 0.9 per cent to $96.98, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.