You are currently viewing Naira Depreciates by 0.12% to N419.00/$1 – Business Post Nigeria

Naira Depreciates by 0.12% to N419.00/$1 – Business Post Nigeria

Published
on
By
By Adedapo Adesanya
The Naira depreciated by 0.12 per cent or 50 kobo against the Dollar on Friday, April 29 at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market as investors exchanged their local currency at N419.00/$1 in contrast to the N418.50/$1 of the preceding session.
Foreign currency sellers struggled during the session to meet the demand of forex by their customers as they prepare for a long holiday. The federal government declared next Monday and Tuesday as public work-free days to mark Workers’ Day and Eid el-Fitri.
The demand for FX by users put pressure on the local currency, causing it to weaken yesterday.
It was not a different story at the spot market for the Naira against the Pound Sterling as it declined by N5.03 to sell for N522.11/£1 compared with the previously traded rate of N517.08/£1 and against the Euro, it fell by N2.14 to close at N438.43/€1 versus Thursday’s exchange rate of N436.29/€1.
However, at the Peer-to-Peer (P2P) segment of the FX market, the domestic currency traded flat against the greenback yesterday at N586/$1.
At the digital currency market, transactions were bearish as all the 10 benchmarked tokens tracked by Business Post closed lower, with Dash (DASH) depreciating by 6.1 per cent to sell for N54,013.31.
Cardano (ADA) recorded a 5.1 per cent depreciation to close at N466.87, Ripple (XRP) also went down by 5.1 per cent to trade at N367.11, Solana (SOL) depreciated by 4.3 per cent to N57,665.65, Ethereum (ETH) fell by 4.3 per cent to sell at N1,688,837.01, while Bitcoin (BTC) retreated by 3.3 per cent to sell for N23,818,500.00.
Further, Binance Coin (BNB) also recorded a 3.3 per cent fall to trade at N236,138.90, Litecoin (LTC) dropped 3.2 per cent to quote at N67,335.00, Dogecoin (DOGE) slumped by 0.7 per cent to N83.45, while the US Dollar Tether (USDT) declined by 0.1 per cent to N600.47.
CBN Gives Airtel Final Approval to Offer Mobile Money Services
Impressive Q1 Results Trigger High Demand for Nigerian Stocks
Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.
Local Currency Appreciates at P2P, I&E FX Windows
Naira Depreciates to N419.33/$1 at Official Market
Value of Naira Drops 0.29% at Investors’ FX Window
Nigeria Week Ahead – Dollar & Naira in Focus
Naira Gains at FX Market as Dogecoin Spikes 20.7%
Naira Crashes to N419.50/$1 at I&E Amid FX Supply Crunch
Pingback: Naira Depreciates by 0.12% to N419.00/$1 – Business Post Nigeria – New National Star
Pingback: Naira Depreciates by 0.12% to N419.00/$1 – Fintechs Global
Pingback: Наира обесценивается на 0,12% до 419,00 N/$1. – CryptoBeezer Россия
Pingback: Наира депресира за 0,12% на Н419,00 / 1 $ – CryptoBeezer Србија
Published
on
By
Similar to how consumers can earn incentives with their credit cards such as cashback when they shop or a sign-up bonus when opening a new account, cryptocurrency platforms such as Crypto.com, Coinbase, and Mushe World offer investors perks for referrals, completing transactions, or taking quizzes on their platform. These incentives are a great way for crypto enthusiasts to increase their crypto holdings at no extra cost.
Receiving free cryptocurrency through reward programs
Coinbase allows its users to earn crypto by learning how cryptocurrency works. They offer educational tutorials on their platform to teach their users about the different digital currencies available on the market and how the system works.
After the user watches a video, they must complete a quiz to test their knowledge of the topic they just learned. After successfully completing the quizzes, the user will receive Graph (GRT) and Amp (AMP) tokens.
Crypto.com allows users to earn its native token Cronos (CRO) by staking CRO tokens in their DeFi Wallet. What is staking? It is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. This reward system is similar to earning interest in a traditional bank. Crypto.com rewards users for storing their tokens in their DeFi Wallet; you can choose the length of time you stake your tokens and see the amount of interest you will receive before committing.
Mushe (XMU) is offering a 5% referral bonus to XMU holders on the tokens purchased by each referral during their presale period, which is happening now.
The Mushe tokens became available on April 18th for purchase at the introductory pre-sale price of $0.005 per token exclusively at www.mushe.world. Since the start of the presale, increased demand has more than doubled the token price, seeing it jump to over $0.01356 per XMU token.
When it officially launches in July, the price is predicted to be around $0.05 per token. Mushe is also planning to reward its users with Mushe tokens for ethical behaviour and customer loyalty. The company has allocated 4% of all tokens to its community fund, which will issue rewards, and a further 1% of all Mushe tokens to charitable organizations and ESG initiatives.
The best strategy for optimizing the reward programs
Retailers and traditional banks offer consumers several incentives to gain or retain their business; however, their reward programs are usually lacklustre. They offer points or items that consumers do not always want or need. Coinbase, Crypto.com, and Mushe have injected some innovation into how they reward their customers. The customers’ tokens can be used for transactions on their platform or online shopping on decentralized networks.
Each of the exchange platforms has various ways to optimize its reward programs. For Crypto.com, crypto enthusiasts agree that the DeFi Wallet is where customers can get the highest returns for their CRO tokens. With Coinbase, the best strategy is to complete the available video tutorials. It’s a win-win situation for customers of the platform because they learn more about the blockchain network and gain tokens simultaneously.
For Mushe, the referral program is an excellent opportunity for their customers to boost their earnings while also building community by inviting their friends and family to purchase cryptocurrency. A bonus is that the Mushe community will have the opportunity to help decide which charities and causes will receive the 1% of Mushe tokens (7,770,000 to be exact) that the company has allocated for its philanthropic endeavours.
Learn more about Mushe (XMU)
Official Website: https://www.mushe.world/

Presale Registration: https://portal.mushe.world/sign-up
Telegram: https://t.me/MusheWorldXMU
Twitter: https://twitter.com/Mushe_World
Instagram: https://www.instagram.com/mushe_world/
Published
on
By
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange Plc witnessed a 9.5 per cent plunge on Friday, closing below the N1 trillion mark it reached earlier this month.
The alternative stock exchange in Nigeria was able to reach this threshold after the listing of Access Bank Plc on the trading platform. Access Bank exited the Nigerian Exchange (NGX) Limited after the listing of its parent company, Access Holdings Plc, on the main bourse, the NGX.
Yesterday, the market capitalisation of the bourse depreciated by N96.04 billion to wrap the day at N911.73 billion compared with the previous day’s N1.00 trillion, while the NASD unlisted securities index (NSI) shed 73.11 points to close at 693.39 points in contrast to Thursday’s 766.40 points.
It was observed that the loss occurred despite the 4.4 per cent or 74 kobo price appreciation recorded by Central Securities Clearing System (CSCS) Plc. The company’s share price rose to N17.00 per unit from N16.26 per unit.
Business Post reports that the trading volume slumped yesterday by 85.9 per cent to 28,350 units from the 200,864 units transacted at the previous session, while the trading value slid by 96.2 per cent to N1.4 million from the previous day’s N35.2 million, with the number of deals declining by 81.8 per cent to six deals from 33 deals in the previous session.
A breakdown revealed that two stocks were traded by investors on Friday and they were CSCS Plc and FrieslandCampina WAMCO Nigeria Plc. CSCS accounted for 18,000 units worth 306,000 executed in a single deal, while FrieslandCampina accounted for 10,350 units worth N1.04 million carried out in 5 deals. Its share price remained unchanged during the session.
In terms of the volume of shares transacted by investors on a year-to-date basis, AG Mortgage Bank Plc was on top with 2.3 billion units valued at N1.2 billion, trailed by CSCS Plc with 661.2 million units worth N13.9 billion, and Food Concepts Plc with 69.0 million units valued at N56.0 million.
However, by value on a year-to-date basis, CSCS Plc was on top with 661.2 million units exchanged for N13.9 billion, AG Mortgage Bank Plc was in second place with 2.3 billion units worth N1.2 billion, while FrieslandCampina WAMCO Nigeria Plc was in third place with 5.9 million units valued at N862.5 million.
Published
on
By
By Dipo Olowookere
A final approval has been granted to a subsidiary of Airtel Africa Plc by the Central Bank of Nigeria (CBN) to operate mobile money services in the country.
Airtel Africa, which sells its shares on the Nigerian Exchange (NGX) Limited, had applied for a Payment Service Bank (PSB) licence through SMARTCASH Payment Service Bank Limited (Smartcash).
The firm was initially granted a provisional authorisation but after meeting all the requirements, the banking industry watchdog in Nigeria has now given the company a full PSB licence.
Airtel Africa, which confirmed this development in a statement, disclosed that this licence will afford it the “opportunity to deliver a full suite of mobile money services into Nigeria.”
“I am very pleased that Smartcash has been granted approval for a full PSB licence to operate a service bank business in Nigeria and we are now working towards commencement of business.
“This licence enables us to expand our digital financial products and reach the millions of Nigerians that do not currently have access to traditional financial services.
“We are delighted to be able to pursue our shared agenda with the Nigerian Government, the CBN and traditional financial institutions to further deepen financial inclusion in the country for the benefit of all citizens and the Nigerian economy,” the chief executive of Airtel Africa, Mr Segun Ogunsanya, was quoted as saying in the statement.
Business Post gathered that Smartcash is yet to commence and in the disclosure, it was stated that more details regarding this would “be presented with our full year results announcement in May 2022.”
Airtel Africa is a leading provider of telecommunications and mobile money services with a presence in 14 countries across Africa.
Copyright © 2022 BusinessPost

source

Leave a Reply