BREAKING: #Naira Appreciates Massively As Bitcoin Rallies Above $50k

BREAKING: #Naira Appreciates Massively As Bitcoin Rallies Above $50k—The Genius Media Nigeria reports that the exchange rate between the naira and the US dollar closed at N414.73/$1 at the official Investors and Exporters (I&E) window.

Naira appreciated against the US dollar on Thursday to close at N414.73/$1, representing a 0.09% gain when compared to N415.1/$1 recorded in the previous trading session. This is despite the significant fall in the volume of forex turnover at the official window. FX turnover dropped by 49.9% on Thursday to $107.92 million.

On the other hand, naira fell marginally against the US dollar on Thursday at the parallel market to close at N572/$1, from an average of N571/$1 recorded in the previous day.

Nigeria’s foreign reserve reduced by 0.03% on Wednesday, 22nd December to close at $40.6 billion compared to $40.61 billion recorded as of the previous day.

The continuous decline in the nation’s external reserve is attributed to the intervention by the apex bank in the official forex market.

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed at N414.73/$1 on Thursday, which represents a 0.09% appreciation compared to N415.1/$1 recorded a day before.

▪ The opening indicative rate closed at N413.77/$1 on Thursday, which represents a 27 kobo appreciation compared to N414.04/$1 recorded in the previous trading session.

▪ An exchange rate of N444.04/$1 was the highest rate recorded during intra-day trading before it settled at N414.73/$1, while it sold for as low as N405/$1 during intra-day trading.

▪ Forex turnover at the official window fell by 49.9% to $107.92 million on Thursday, 22nd December 2021.

▪ According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window decreased from $215.29 million recorded on Wednesday 22nd December 2021 to $107.92 million on Thursday 23rd December 2021.
Bitcoin price crosses $50k

The cryptocurrency market resumed trading activities on Friday on a positive note with the market capitalization gaining a marginal 0.42% to stand at $2.392 trillion, after bitcoin crossed the $50k mark with a gain of 0.26% to trade at $50,975.83.

Ethereum on the other hand, recorded a decline in price of 0.61% to trade at $4,088.69 while Solana dipped by 0.84% to trade at $188.5475.

Meanwhile, former U.S. President Donald Trump has said that crypto is “a very dangerous thing.

” Commenting on cryptocurrencies, he warned of “an explosion someday” that will “make the big tech explosion look like baby stuff.” He also talked about his new social media platform, Truth Social, and his wife’s non-fungible token (NFT) venture.

However, Nigeria has been rated the second country most interested in bitcoin, despite the difficulty of accessing the trillion-dollar crypto in the country.