By Adedapo Adesanya
The local currency appreciated against the US Dollar on Monday by 12 kobo or 0.03 per cent to begin the new week in the green territory at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.
The Nigerian currency was traded at N411.13/$1 at the I$E FX window yesterday in contrast to N411.25/$1 it ended at the previous session.
The strengthening of the Naira was boosted during the session by a decline in the demand for FX by customers as well as a boost in FX liquidity.
The value of transactions recorded at the trading session waned by $67.68 million or 48.6 per cent as trades worth $71.55 million were achieved compared with $139.23 million printed at the preceding session.
Business Post reports that at the other segments of the market, there was stability as the Naira retained its previously traded rate against the greenback.
At the black market on Monday, the exchange rate of the Naira to the American Dollar remained unchanged at N503/$1.
Likewise, the domestic currency retained its previous exchange rate against the British Pound Sterling as it closed flat at N710/£1. It was not a different outcome for the domestic currency against the Euro as it closed flat at N595/€1.
Also, at the interbank segment of the forex market, the exchange rate of the local currency compared with the greenback remained static on Monday at N410.16/$1.
Meanwhile, at the cryptocurrency market, it was a mixed outcome, according to data obtained by this newspaper from Quidax.
The Bitcoin (BTC), the world’s most valued cryptocurrency, lost 0.1 per cent to sell for N17,678,767.63, Ripple (XRP) went down by 2.2 per cent to sell at N332.98, Tron (TRX) declined by 2.6 per cent to N32.72, while Dash (DASH) fell by 1.4 per cent to sell at N66,999.00.
However, Ethereum (ETH) rose by 2.3 per cent to trade at N1,165,900.00, Litecoin (LTC) jumped by 1.6 per cent to N71,677.00, while the United States Dollar Tether (USDT) rose by 0.4 per cent to sell for N510.99.
