I&E: Naira Gains N1.35 Amid 690.6% Rise in FX Demand
By Adedapo Adesanya
The Investors & Exporters (I&E) window of the foreign exchange market recorded a significant increase in turnover on Thursday, April 8.
However, the Naira came out stronger against the United States Dollar unlike the previous session, where it closed weaker despite a decline in FX demand by customers at the market segment.
Yesterday, transactions valued at $93.69 million were recorded in contrast to $11.85 million achieved at the preceding trading session, indicating an increase by 690.6 per cent or $81.84 million.
Despite this, the Naira was strengthened against the greenback by N1.35 or 0.33 per cent to close for the day at N409.65/$1 compared with the previous day’s N411/$1.
At another segment of the FX market, the black market, the value of the local currency remained stable against the American currency on Thursday at N485/$1.
At the same unregulated market, the domestic currency also maintained stability against the Pound Sterling and the Euro yesterday to close at N670/£1 and N573/€1 respectively.
It was not a different scenario at the interbank segment of the market, which is the official exchange rate window for the country. The Nigerian currency sustained its stability against the greenback at the segment at N379/$1 at the close of transactions yesterday.
New Recovery at Cryptocurrency Market
Meanwhile, a positive outcome dominated the cryptocurrency market on Thursday as six out of the seven tokens tracked by Business Post ended up in the bullish territory as at the time of filing this report.
The Bitcoin (BTC) rose by 2.5 per cent to sell at N28,476,004.00; Ethereum (ETH) moved higher by 2.5 per cent to N1,011,835.14; while Ripple (XRP) amid a renewed interest for holders jumped 12.8 per cent to N504.17.
Also, Tron (TRX) recorded the highest jump of the day as it rose by 15.2 per cent to trade at N61.77; Dash (DASH) appreciated by 3.9 per cent to N128,231.35; while the US Dollar Tether (USDT) made a 0.6 per cent gain to sell at N498.00.
Litecoin (LTC) was the only depreciating coin on Thursday as it dropped 0.9 per cent to sell for N110,443.71.