Low Forex Trades Strengthen Naira by 0.01% at I&E

By Adedapo Adesanya

The Naira regained strength against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday, appreciating by 5 kobo or 0.01 per cent to close at N416.33/$1 compared with N416.38/$1 of the preceding session.

Low forex trades contributed to the gains posted by the local currency at the market window yesterday as the turnover for the day stood at $95.52 million, 30.2 per cent or $41.38 million lower than the $136.9 million achieved on Monday.

However, the domestic currency continued its depreciation against the American currency at the interbank segment of the market, losing 18 kobo yesterday to trade at N415.62/$1 in contrast to the previous day’s value of N415.64/$1.

But the Nigerian currency appreciated against the Pound Sterling at the same market segment on Tuesday by N1.83 to trade at N558.86/£1 compared with Monday’s N560.69/£1 and against the Euro, the Naira gained N1.29 to sell for N468.71/€1 compared to N470/€1 of the preceding session.

A look at the digital currency market on Tuesday indicated confidence is gradually returning into the space as investors continue to react to plans by the US Federal Reserve to start rein in the accommodative policy settings that fuelled a boom in risk assets.

The pullback has hit all corners of the crypto ecosystem, from stablecoins to memecoins and publicly listed crypto exchanges and at the close of business yesterday, eight of the 10 coins tracked by Business Post closed with the green colour.

Bitcoin (BTC) posted a 2.2 per cent gain to sell for N21,808,296.31, Dogecoin (DOGE) grew by 6.5 per cent to sell at N85.35, Binance Coin (BNB) recorded a 4.1 per cent appreciation to trade at N157,485.69, while Tron (TRX) added 2.5 per cent to its value to trade at N32.95.

In addition, Ethereum (ETH) improved by 1.7 per cent to sell at N1,443,970.10, Ripple (XRP) gained 1.6 per cent to trade at N357.38, Dash (DASH) recorded a 0.2 per cent appreciation to quote at N52,968.96, while Cardano (ADA) made a 0.1 per cent rise to sell at N623.00.

Conversely, Litecoin (LTC) lost 1.3 per cent to trade at N63,443.60, while the United States Dollar Tether moved downwards by 0.5 per cent to trade at N584.14.