By Tolulope Oke
The exchange rate of the Naira to the US Dollar on the black market today, 6th October sells at N733/$1according to street traders in Lagos.
The exchange rate between the Naira and the dollar the day before was N740 to $1, showing a N7 appreciation in the value of the local currency over the previous day’s exchange rate.
However, in the Investors and Exporters (I&E) window of the market, the value of the Naira against the US dollar declined in the midweek session by 47 Kobo or 0.06 percent to settle at N437.50/$1, down from N437.03/$1 on Tuesday as foreign exchange traders carried out transactions worth $70.42 million.
While, in the peer-to-peer (P2P) segment of the foreign exchange market, the Naira slumped against the US dollar this morning to trade at N730.40/$1 as opposed to N716.4/$1, the day before.
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In a similar vein, the local currency fell by 0.08 per cent in the official Central Bank of Nigeria exchange rate session to trade at N433.9 in contrast to N432.87 it traded on Tuesday.
Optimism persisted in the digital currency market, with Bitcoin (BTC) adding 1.3% to its value to trade at $20,386.63 and Ripple (XRP) posting a 5.4% gain to sell at $0.5016.
The price of Ethereum (ETH) increased by 1.8% to trade at $1,376.18, the price of Dogecoin (DOGE) increased by 1.5% to trade at $0.0659, the price of Solana (SOL) increased by 1.1% to sell at $34.41, the price of Cardano (ADA) increased by 0.7% to trade at $0.4354, and the price of Binance Coin (BNB) increased by 0.7% to trade at $296.48.
Besides this, the US Dollar Tether (USDT) remained flat at $1.00, while Litecoin (LTC) and Binance USD (BUSD) each experienced a 0.02 percent dip to close at $54.80 and $0.9999, respectively.
Cami Ezenwa is a writer, editor and concepts developer. He has worked with the Daily Times, Daily Independent, Financial Standard and Business Television, to mention a few.
Committed to grooming the next generation of impactful writers, he is an apostle of free flowing prose.
