Adedapo Adesanya
By Adedapo Adesanya
The local currency appreciated by 80 kobo or 0.19 per cent against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Thursday.
During the session, the Nigerian Naira was strengthened to N410.70/$1 from N411.50/$1 it traded at the previous session.
The gain printed by the domestic currency at the investors’ window was influenced by a significant decline in the demand for FX yesterday and the availability of hard currencies to meet the requests of customers.
At the close of yesterday’s session, investors exchanged a total of $61.0 million, $99.12 million or 61.9 per cent lower than the previous session’s $160.12 million.
Business Post reports that at the other segments of the market, there was stability as the Naira retained its previously traded rate against the greenback.
At the parallel market, forex traders sold the Dollar to customers at the previous day’s exchange rate of N503/$1. It was a similar situation against the British Pound Sterling as it was traded at N710/£1.
However, at the same unregulated segment of the market, the domestic currency appreciated against the Euro by N3 to close at N595/€1 in contrast to N598/€1 it traded at the midweek session.
At the interbank segment of the forex market, the Naira maintained its previous exchange rate against the US Dollar at N410.16/$1.
Meanwhile, at the cryptocurrency market, out of the seven digital currencies tracked by Business Post on Thursday, only three finished in the green zone.
The Dash (DASH) recorded a 12.3 per cent growth to sell at N74,449.00, Litecoin (LTC) jumped by 1.6 per cent to N71,997.00, while the United States Dollar Tether (USDT) appreciated by 1.6 per cent to sell for N515.90.
But Ripple (XRP) lost 4.9 per cent to sell at N321.25, Tron (TRX) went south by 3.5 per cent to N31.51, Ethereum (ETH) declined by 0.4 per cent to trade at N1,105,581.00, while Bitcoin (BTC) dropped 0.2 per cent to settle at N17,714,205.93.
