Local Currency Gains 8 Kobo at Investors’ FX Window
By Adedapo Adesanya
The local currency recorded a marginal appreciated of 0.02 per cent or 8 kobo against the United States Dollar on Thursday at the Investors and Exporters (I&E) window of the foreign exchange market.
At the market yesterday, the value of the Naira at the FX window stood at N409.67/$1 compared with N409.75/$1 it closed at the previous session
According to data from the FMDQ Securities Exchange, a decrease in the demand for forex by customers at the segment helped the domestic currency to gain some weights at the space on Thursday.
The data showed that the turnover for the session stood at $98.20 million, 33.9 per cent or $50.34 million lower than the $148.54 million achieved at the preceding session.
However, at the parallel market, the local currency retained its previous rate of N485/$1 at the end of the day.
It also traded flat against the Euro at the unregulated segment of the FX market window on Thursday at N582/€1 and depreciated by N2 against the Pound Sterling to sell at N680/£ compared with the preceding session’s N678/£1.
At the interbank market, the exchange rate of the Naira to the Dollar remained unchanged at the close of transactions yesterday at N379/$1.
A look at the cryptocurrency market indicated that transactions remained mixed as four of the seven cryptocurrencies tracked by Business Post on a trading and tracking platform, Quidax, rested in the bearish region.
The Litecoin (LTC) depreciated by 1.6 per cent to trade at N125,000; Tron (TRX) recorded a 4.6 per cent decrease to sell at N32.32; the Ripple (XRP) lost 2.9 per cent to trade at N291.20; WHILE the Ethereum (ETH) dropped 0.3 per cent to N1,139,977.00.
However, the Bitcoin (BTC) gained 2.2 per cent to sell at N35,888,977.99; the Dash (DASH) appreciated by 1.4 per cent to sell at N144,500; while the US Dollar Tether (USDT) gained 4.8 per cent gain to trade at N626.92.