Naira Trades Flat at Interbank, Black Market
Published Adedapo Adesanya By Adedapo Adesanya The Nigerian Naira maintained its stability against the United States Dollar at the interbank and black market segments of the foreign exchange (FX) market on Friday.Data obtained by Business Post from AbokiFX , a platform for tracking FX transactions at the unregulated window of the market, showed that the value of the Nigerian currency closed flat against its United States counterpart yesterday at N485/$1.It was further observed that the domestic currency also traded flat against the British Pound Sterling at the same market window at N670/£1.Britain is currently in a mourning mood as it lost the husband of Queen Elizabeth II, Prince Phillip, at the age of 99 on Friday.
This news did not affect the value of the currency against the Naira in Nigeria yesterday.Nigeria was colonised by the British and gained independence on October 1, 1960.Back to the parallel market, the local currency depreciated against the Euro by N1 yesterday to sell for N574/€1 in contrast to N573/£1 it settled the day before.At the interbank segment of the market, the Nigerian currency maintained its stability against the greenback as it closed at N379/$1.
However, at the Investors and Exporters (I&E) window of the FX market, the Naira sustained its growth against the American currency by appreciating by 0.16 per cent or 50 kobo.At the close of transactions yesterday, the local currency settled at N409/$1 as against N409.65/$1 it finished on Thursday.This happened as the value of trades reduced by $38.48 million or 41.1 per cent to $55.21 million from the preceding day’s $93.69 million.Cryptocurrencies extend bullish run Meanwhile, at the cryptocurrency market, the renewed confidence in the assets sustained the bullish outcome on Friday as the Bitcoin (BTC) gained 5.1 per cent to trade at N29,770,184.69.
Ethereum (ETH) appreciated by 5.9 per cent to sell at N1,067,485.92; Ripple (XRP) grew by 1.9 per cent to trade at N517.10; Dash (DASH) gained 5.2 per cent to sell at N134,000; Litecoin (LTC) improved by 2.3 per cent to quote at N112,996.39; while the United States Dollar Tether (USDT) appreciated by 0.2 per cent to sell for N495.15.However, it was a bad day for the Tron (TRX) as its value went down by 2.5 per cent to sell at N60.14.Share this: Adedapo Adesanya
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.Continue Reading How JumiaPay is Expanding Access to Unbanked Population
Published Business Post Contributor The innovative use of technology in the delivery of financial services is eliciting a positive impact on businesses and customers’ experience in Nigeria.
Aside from providing a cheaper, faster and user-friendly financial option for Nigerians, fintech solutions are driving financial inclusion, employment creation.With about 30% population of tech-savvy and smartphone-loving millennials, Nigeria is a huge market for fintech services.
This generation of digital natives wants their financial transactions completed seamlessly.They crave prompt OTP and instant credit.Felix Elugbadebo, a legal practitioner and technology enthusiast in Lagos fits into this description.Jumia fintech product avails him of the hassle of physical recharge cards for data and calls.
“One aspect of technology (fintech), that I am very well interested in is a financial technology (fintech) which means being able to conduct financial transactions on your device be it mobile phones or on your computer.One of such fintech platforms is JumiaPay.“I have been using JumiaPay since the name was Jumia One.I’ve been using it for airtime purchases, for data purchases and for other transactions that are available on the platform.
Whether you live in the city or in rural areas, everybody wants an easy life.Nobody wants to run across the street to buy recharge cards or have to call an agent to buy data when you can actually do all that on your mobile device,” he said.
While many customers were caught in the usual itchy transaction net of the festive periods, Felix was getting incentives from his transactions on JumiaPay .He recounted that “over the Easter break, a lot of people could not use the USSD service provided by telcos and the banks but for people like me who use fintech platforms, we had no issues especially with JumiaPay when I get 3% discount off my purchases.” The ability of fintechs like JumiaPay to deliver on customer timely needs is endearing them to the youthful market.
For instance, the Jumia 2020 Q4 report, showed the company’s fintech product is making more inroads with more financial situations for customers.The report showed that Total Payment Volume JumiaPay increased by 30% from €45.6 million in the fourth quarter of 2019 to €59.3 million in the fourth quarter of 2020.JumiaPay Transactions increased by 10% from 2.4 million in the fourth quarter of 2019 to 2.7 million in the fourth quarter of 2020.
Overall, 33.1% of Orders placed on the Jumia platform in the fourth quarter of 2020 were paid for using JumiaPay, compared to 29.5% in the fourth quarter of 2019.With an estimated population of over 200 million of which 40% is financially excluded, it is expected that the increasing fintech traction will drive financial inclusion for the unbanked in Nigeria, while customers with bank accounts would achieve higher levels of customer satisfaction.Share this:.
