Wed. Jun 12th, 2024

Nigerian Naira Appreciates to N431.40 Per $1 Against the N450 Per $1 Traded Last Week at the Crypto Market. 

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Last updated on September 6th, 2020 at 01:36 am

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Nigerian Naira appreciates to N431.40 per $1 boosting a gain of N19 against the N450 per $1 traded last week Friday at the crypto market. 

Nigerian Naira appreciated by N19 against the dollar to N431.40 when compared to the N450.1 to a dollar that is exchanged last week on Quidax, 2020.

On the other, on Monday, June 1, 2020, the naira appreciated to N385.50 at the Investors and Exporters (I&E) window following the Central Bank of Nigeria’s intervention at the foreign exchange market. 

According to the data from AbokiFX, the Naira parallel market trades at N440 per $1 as against the N427 per $1 trading on crypto markets like Quidax, Binance etc.

On Quidax crypto exchange, the dollar to naira market is trading at N431 per dollar while it’s trading at N427 per dollar on Binance with the high at N435 per dollar. 

Read Also: Buycoins announced the support for Circle’s stablecoin USDC few days back, allowing users to hold, send and receive USDC.

The crypto market of naira to dollar traded around N450 per dollar last week Friday which suggests a gain of N19 as against the current N431 trading on exchanges.

The increased demand of dollar at the dollar to naira market has led to some Africa P2P platforms like Buycoins adding support for the United Dollar via USDC stablecoin.

The overall Bitcoin price to naira at press time is at N4,276,410 million on quidax and N4,316,571 on Binance.

The CBN Governor, Godwin Emefiele had noted that the speedy gassroot recovery of crude oil prices, selling at $35 per barrel, would help to sustain the government revenue and the external reserves.

The increase in the external reserves by $2.35 billion in 21 days to close at $35.77 billion as of May 21, 2020 had boosted CBN’s ability to intervene in the market. 

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