By Adedapo Adesanya
The Naira was stable against the US Dollar at the Investors and Exporters (I&E) and the parallel market segments of the foreign exchange market on Wednesday, March 17.
At the I&E window, the local currency was sold at the same rate it was traded against the greenback on Tuesday at N409.75/$1 despite a significant increase in the day’s turnover.
According to data from the FMDQ Securities Exchange, transactions at the window increased yesterday by 359.4 per cent as trades valued at $148.54 million were executed in contrast to $32.33 million recorded at the preceding session.
At the parallel market, the Naira equally retained its previous closing rate of N485/$1 and also traded flat against the Euro at N582/€1, but appreciated by N2 against the Pound Sterling to close at N678/£1 compared to N680/£1 it sold on Tuesday.
At the interbank segment of the market, the Central Bank of Nigeria (CBN) maintained the FX auction rate to commercial banks at N379/$1.
Meanwhile, at the cryptocurrency market, the digital currencies tracked by Business Post moved in different directions yesterday.
The Bitcoin (BTC) depreciated by 3.9 per cent to trade at N34,750,001; Ethereum (ETH) lost 0.5 per cent to sell at N1,140,099; Ripple (XRP) declined by 0.6 per cent to trade at N294.51; while Dash (DASH) depreciated by 0.7 per cent to sell at N145,500.
However, during the trading session, the US Dollar Tether (USDT) appreciated by 1.8 per cent to quote at N622.29; Litecoin (LTC) gained 1.6 per cent to trade at N127,000; while Tron (TRX) moved up by 0.2 per cent to sell at N33.75.
Dipo Olowookere