Naira appreciates the openness of the eNaira website

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By Adedapo Adesanya

The naira opened the week stronger against the US dollar in the investor and exporter (I&E) segment of the forex market on Monday, September 27.

At the specialized counter, the local currency appreciated by 7 kobo or 0.02 percent to trade at 414.83 N / $ against 414.90 N / $ 1 which it quoted last Friday.

At the I&E counter yesterday, demand for foreign currencies moderated, according to data collected by Business post of the FMDQ Stock Exchange.

Transactions worth $ 130.83 million were executed in the forex segment of the forex market during the trading day, unlike the $ 193.59 million made in the previous session, indicating a down 32.4% or $ 62.76 million.

The strengthening of the national currency relative to its US counterpart coincided with the announcement that the country’s proposed digital currency website, eNaira, would go live ahead of its launch on October 1, 2021. Electronic legal tender is aimed at to provide a unique form of currency denominated in Naira.

The Central Bank of Nigeria (CBN) has claimed that the currency serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions compared to cash payments.

Meanwhile, at the interbank forex market window, the value of the fiat Naira depreciated by one kobo yesterday as it closed at N 410.71 / $ 1 against N410.70 / $ 1 last Friday. .

Meanwhile, in the cryptocurrency market on Monday, the Chinese government’s digital asset announcement further weakened investor interests.

China last week banned all cryptocurrency trading and mining. Ten powerful Chinese government agencies said in a joint statement last week that overseas exchanges do not have the right to provide services to mainland investors via the internet and have pledged to jointly eradicate illegal crypto activity. cash.

Yesterday, Cardano (ADA) depreciated 3.4% to sell at N 1,288.06, Binance Coin (BNB) fell 3.1% to N 139,212.26, Litecoin (LTC) lost 2 , 8% to trade at N84,599.99, Bitcoin (BTC) slipped 2.4% to trade at N24,404,777.84, Dogecoin (DOGE) also lost 2.4% to trade sell at 119.78 N, while Ethereum (ETH) fell 1.9% to sell at 1,727,583.96 N.

Also, Tron (TRX) was down 1.8% to sell for N 50.35, Dash (DASH) was down 1.6% to trade at N91,925.99, Ripple (XRP) made 1.2% depreciation to trade at N532. 50, while the Dollar Tether (USDT) fell 0.9% to sell at 575.75 N.


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