FX Demand Pressure Weigh on Naira, Loses 34 Kobo

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By Adedapo Adesanya

The Naira came under foreign exchange (FX) pressure on Tuesday and led to a depreciation of the local currency against the United States Dollar at the Investors and Exporters (I&E) segment of the market.

According to data from the FMDQ Securities Exchange, the domestic currency lost 34 kobo or 0.1 per cent yesterday to sell at N415.75/$1 compared with N415.33/$1 it was traded on Monday.

At the I&E window yesterday, the turnover increased by 73.9 per cent or $70.23 million to $165.30 million from the preceding day’s $95.07 million. This FX demand pressure weighed on the Nigerian currency, causing its value to fall.

A look at the interbank segment of the forex market on Tuesday showed that the local currency depreciated against the American currency by 10 kobo as it traded at N416.36/$1 compared with the previous day’s value of N416.26/$1.

The situation was not different with the Pound Sterling at the same market segment as the Naira lost N3.93 to sell for N561.92/£1 in contrast to N557.99/£1 of the preceding session.

Similarly, the Nigerian Naira suffered a loss against the Euro at the interbank FX window yesterday by N5.15 to settle at N469.40/€1 in contrast to N464.25/€1 it was exchanged on Monday.

Business Post reports that transactions at the cryptocurrency market on Tuesday were largely bullish as six of the 10 coins monitored appreciated in value.

Ethereum (ETH) gained 2.4 per cent to sell at N1,596,873.39, Litecoin (LTC) also moved up by 2.4 per cent to trade at N65,768.68, Cardano (ADA) rose by 2.3 per cent to N626.84, Dash (DASH) gained 1.1 per cent to trade at N56,064.77, Tron (TRX) rose by 0.5 per cent to sell at N34.57, while the US Dollar Tether (USDT) jumped by 0.1 per cent to N574.04.

Conversely, Bitcoin (BTC) posted a 0.9 per cent loss to trade at N21,790,100.50, Binance Coin (BNB) and Dogecoin (DOGE) depreciated by 0.4 per cent each to trade at N159,238.97 and N82.34 respectively, while Ripple (XRP) went down by 0.1 per cent to trade at N361.74.

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