Forex Transactions at I$E Drop 67.8% as Naira Remains Stable

By Adedapo Adesanya

The Naira sustained its stability against the American Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Tuesday, November 30.

Business Post reports that for the third consecutive trading session, the value of the Naira compared with the greenback remained unchanged at N415.07/$1.

This came as forex transactions at the investors’ window moderated during the session as the turnover for the day waned by 67.8 per cent or $103.71 million to $152.98 million from the preceding day’s turnover of $256.69 million.

However, it was a different scenario at the interbank window of the market as the local currency depreciated against its United States’ counterpart by 2 kobo to settle at N411.66/$1 in contrast to the preceding session’s value of N411.64/$1.

But the domestic currency appreciated by 5 kobo against the British Pound Sterling to trade at N549.32/£1 compared to N549.37/£1 it was sold on Monday and against the Euro, it lost N2.46 against to close on Tuesday at N467.28/€1 in contrast to the previous day’s N464.82/€1.

Meanwhile, at the cryptocurrency market, trading closed mixed with six of the 10 tokens tracked by this newspaper pointed northwards.

Ethereum (ETH) recorded a 2.2 per cent appreciation to sell at N2,521,934.26, Binance Coin (BNB) added 1.9 per cent to trade at N258,732.58, Tron (TRX) and Ripple (XRP) both appreciated by 1.3 per cent to trade at N55.53 and N565.76 respectively, Bitcoin (BTC) improved its value by 0.3 per cent to trade at N32,557,706.59, while Dash (DASH) gained 0.2 per cent to sell for N115,000.00.

On the losers’ side, Litecoin (LTC) led with a 0.9 per cent loss to trade at N119,490.51, the US Dollar Tether (USDT) declined by 0.3 per cent to sell for N568.65, Cardano (ADA) also depreciated by 0.3 per cent to trade at N899.11, while Dogecoin (DOGE) moved down 0.2 per cent to sell at N123.06.