Naira Gains 2.84% After Devaluation, Trades at N422.67/$1

By Adedapo Adesanya

The Naira recorded its first appreciation against the US Dollar on Tuesday at the Investors and Exporters (I&E) window of the foreign exchange (FX) market after it was devalued by the Central Bank of Nigeria (CBN) last week.

Business Post reports that the Nigerian Naira closed stronger against the greenback yesterday by 2.84 per cent or N12.33 to close the first trading day for the year 2022 at N422.67/$1 compared with N435.00/$1 it ended at the last trading session of 2021.

The strengthening of the local currency happened amid a decline in pressure as the turnover for the session went down by 27.4 per cent or $41.19 million to $109.07 million from $150.26 million, according to data from the FMDQ Securities Exchange.

However, at the interbank segment of the market, the Nigerian currency depreciated by 18 kobo against the American currency to settle at N413.67/$1 compared with the preceding session’s N413.49/$1.

The same scenario played out with the Pound Sterling at the interbank segment as the Naira declined by 90 kobo to trade at N557.99/£1 versus the previous N557.09/£1 and against the Euro, the domestic currency appreciated by N1.24 to sell for N466.83/€1 compared to N468.07/€1 of the prior session.

At the cryptocurrency market, transactions were largely bullish as six of the 10 key cryptos closed in the green territory, with Bitcoin (BTC) rising by 0.5 per cent to N26,007,729.26.

Litecoin (LTC)  equally recorded a 0.5 per cent appreciation to trade at N85,571.32, Dogecoin (DOGE) went up by 0.2 per cent to sell at N99.84, Cardano (ADA) appreciated by 0.1 per cent to N766.96, the US Dollar Tether (USDT) improved by 0.1 per cent to N567.09, while Tron (TRX) equally gained 0.1 per cent to trade at N43.88.

Conversely, Dash (DASH) depreciated on Tuesday by 2.9 per cent to sell for N76,961.90, Ethereum (ETH) and Ripple (XRP) declined by 1.2 per cent each to quote at N2,097,000.04 and N468.40 respectively, while Binance Coin (BNB) recorded a 0.1 per cent depreciation to trade at N210,256.52.