By Adedapo Adesanya
It was a good trading session for the Naira on Thursday at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market despite coming under pressure.
The local currency appreciated against the United States Dollar at the market segment yesterday by 0.04 per cent or 18 kobo to trade at N416.07/$1 compared with N416.25/$1 it was traded at the previous session.
It was observed that the demand for FX at the window jumped by 59.4 per cent or $60.63 million to $162.7 million from the $102.07 million achieved at the midweek session.
However, the smooth supply of forex to FX dealers ensured that the value of the Naira to the Dollar was in favour of the former as customers were able to get what they wanted.
However, it was not a similar scenario at the interbank segment of the forex market yesterday as the local currency depreciated by 17 kobo against the greenback to sell at N416.71/$1 compared with the preceding session’s value of N416.54$1.
It was the same outcome with the Naira compared with the British Pound Sterling as it depreciated by N2.07 to trade at N567.27/£1 in contrast to N565.20/£1 it was sold on Wednesday.
But the domestic currency performed well against the Euro as it appreciated by N1.06 to settle at N470.38/€1 compared to N471.44/€1 it was exchanged a day earlier.
Meanwhile, transactions at the cryptocurrency market were bullish yesterday as nine of the 10 benchmarked tokens tracked by Business Post landed in the green territory.
Dash (DASH) moved up by 2.9 per cent to sell for N54,356.28, Tron (TRX) also went up by 2.9 per cent to trade at N34.68, Bitcoin (BTC) saw a 2.3 per cent appreciation to quote at N21,364,978.21, Cardano (ADA) gained 2.0 per cent to sell at N611.88, while Ripple (XRP) appreciated by 1.2 per cent to N352.76.
Further, Ethereum (ETH) improved by 1.1 per cent to sell at N1,539,032.22, Binance Coin (BNB) recorded a 1.1 per cent gain to trade at N154,209.32, Litecoin (LTC) rose by 1.1 per cent to trade at N62,4486.81, while Dogecoin (DOGE) saw a 0.2 per cent climb to trade N80.38.
But the US Dollar Tether (USDT) depreciated during the session by 0.4 per cent to sell for N571.39.
Modupe Gbadeyanka