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Decline in FX Demand Fortifies Naira by 0.10% at I&E

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By Adedapo Adesanya

The Naira closed stronger against the United States Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Wednesday.

The fortification of the local currency against the greenback was supported by a decline in the demand for forex at the market segment yesterday.

According to data obtained by Business Post from the FMDQ Securities Exchange, FX traders recorded transactions worth $33.55 million compared with the $48.42 million achieved the previous day.

This indicated that the turnover for the midweek trading session went down by $14.87 million or 30.7 per cent and this eased the pressure on the domestic currency, allowing it to appreciate by 0.10 per cent or 42 kobo to N411.25/$1 from Tuesday’s closing price of N411.67/$1.

It was observed that at the market yesterday, customers bid the FX as high as N422.00/$1 and as low as N395.00/$1.

For another trading session, the value of the Naira against the Dollar at the unregulated segment of the market remained unchanged at N486/$1 on Wednesday.

Also, the local currency remained stable against the British Pound Sterling at the same black market yesterday at N672/£1 but lost the N2 it gained the previous day against the Euro to finish at N582/€1 versus the earlier N580/€1.

At the interbank window, the domestic currency maintained its stability against the American currency at the close of business yesterday at N379/$1.

Meanwhile, the cryptocurrency market traded mixed on Wednesday with profit-taking seen on some of the digital tokens tracked by Business Post.

Ripple (XRP) depreciated by 6.3 per cent to trade at N666.17, Litecoin (LTC) lost 3.6 per cent to sell at N123,214.47, Dash (DASH) went down by 3.9 per cent to N138,126.00, while Tron (TRX) dropped 0.9 per cent to trade at N61.98.

However, Ethereum (ETH) gained 6.3 per cent to sell at N1,134,985.00, Bitcoin (BTC) appreciated by 1.8 per cent to trade at N27,199,796.75, while the US Dollar Tether (USDT) increased by 0.7 per cent to sell at N501.23.

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.

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