By Ahmed Rahma, Adedapo Adesanya
The Naira opened the month of March stronger, recording a N1.05 or 0.26 per cent gain against the Dollar at the Investors and Exporters (I&E) window on Monday to close at N409.20/$1 in contrast to N410.25/$1 it traded at the previous session.
Going by the data obtained by Business Post from the FMDQ Securities Exchange, the strengthening of the local currency was boosted by a low turnover at the segment of the foreign exchange market yesterday.
During the session, transactions worth $24.38 million were carried out, $13.11 million or 34.9 per cent lower than the $37.49 million achieved last Friday.
At another segment of the FX market on Monday, the unregulated window also known as the black market, the Naira maintained stability against the American currency to trade at N482/$1.
Also, at the same parallel market, the value of the domestic currency when paired with the Pound Sterling and the Euro remained unchanged yesterday at N672/£1 and N583/€1 respectively.
In the same vein, the Naira further sustained its stability against the greenback at the interbank segment of the market yesterday, closing at N379/$1, while at the Bureaux De Change (BDC) window, traders have not charged the Naira/Dollar exchange rate at N395/$1, according to data from the Association of Bureaux De Change Operators of Nigeria (ABCON).
Meanwhile, at the cryptocurrency market on Monday, things remained bullish as more people see the possibility of digital currencies replacing fiat money in the future.
Yesterday, the Bitcoin (BTC) appreciated by 4.7 per cent to trade at N32,465,000, the Ethereum (ETH) grew by 2.7 per cent to sell at N1,020,103.50, Dash (DASH) went up by 9.6 per cent to N145,189.10, Litecoin (LTC) gained 2.5 per cent to trade at N115,801, while Tron (TRX) moved up by 1.8 per cent to N32.33.
However, Ripple (XRP) recorded a 1.5 per cent loss to trade at N293.99, while the US Dollar Tether (USDT) depreciated by 2.2 per cent to N680.
Dipo Olowookere