Adedapo Adesanya
By Adedapo Adesanya
The domestic currency appreciated against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Monday, December 20.
According to data from the FMDQ Securities Exchange, the local currency gained 27 kobo or 0.06 per cent during the session to close at N414.80/$1 compared with N415.07/$1 it traded last Friday.
The Naira regained this strength yesterday in the midst of a 138.4 per cent rise in FX demand, according to the analysis of the data obtained by Business Post.
At the I&E window on Monday, transactions valued at $360.18 million were carried out compared with the turnover of $151.03 million executed at the preceding trading session, indicating an increase of $209.15 million or 138.48 per cent.
However, the Nigerian currency recorded a flat outcome against the greenback at the interbank window of the forex market yesterday as its value remained unchanged at N411.91/$1.
But against the British Pound Sterling, the Naira appreciated by N3.30 to trade at N544.05/£1 versus N547.35/£1 of the preceding session while against the Euro, it appreciated by N1.98 to sell at N464.26/€1 compared with N466.24/€1 of the preceding session.
At the cryptocurrency market, seven of the 10 tokens tracked by Business Post across several trading platforms recorded depreciation.
The three price gainers were led by Ripple (XRP) which went upwards by 6.4 per cent to trade at N499.79. The United States Dollar Tether moved up by 0.9 per cent to trade at N574.24, while Bitcoin (BTC) gained 0.3 per cent to trade at N26,671,572.19.
On the losers’ angle, Dogecoin (DOGE) led with a 4.4 per cent loss to trade at N98.41, Litecoin (LTC) saw a 3.9 per cent loss to trade at N85,753.03, Binance Coin (BNB) retreated by 3.7 per cent to trade at N222,731.15, Cardano (ADA) fell by 3.2 per cent to trade at N729.67, Dash (DASH) recorded a 2.6 per cent depreciation to quote at N72,144.66, Ethereum (ETH) declined by 1.1 per cent to sell at N2,172,001.03, while Tron (TRX) made a 1.0 per cent slide to sell at N45.80.
