Naira Appreciates Against Dollar at Unregulated FX Market
By Adedapo Adesanya
The local currency performed well against the US Dollar at the first trading session of the week at the unregulated foreign exchange market segment on Monday.
Business Post reports that yesterday, the Naira appreciated by N1 against the greenback at the black market to settle at N476/$1 compared to the N477/$1 it was exchanged at the preceding session.
It was, however, a different outcome for the Naira at the same parallel as it depreciated by N2 against the Pound Sterling to trade at N632/£1 in contrast to the previous N630/£1 and lost N3 at the same window against the Euro to finish at N580/€1 versus last Friday’s closing price of N577/€1.
But at the Investors and Exporters (I&E) window on Monday, the Naira traded flat against the American currency, closing at N394/$1 and this was boosted by a further decline in the FX demand.
During the trading session, transactions worth $83.50 million were recorded, 43.3 per cent or $63.83 million lower than the preceding day’s $147.33 million.
Also, at the Bureaux De Change (BDC) window of the market, the exchange rate of the Nigerian currency against the greenback remained unchanged yesterday at N395/$1 and at the interbank segment, the Naira maintained stability against the Dollar at N379/$1.
At the cryptocurrency market, it was a mixed outcome on Monday saw a mixed outcome as only two of the seven digital currency tracked closed stronger.
The Ethereum (ETH) appreciated by 1.4 per cent to close at N310,499.00, while the US Dollar Tether (USDT) gained 1.1 per cent to sell for N485.14.
However, Litecoin (LTC) depreciated by 7.9 per cent to trade at N51,690.99, Tron (TRX) lost 6.9 per cent to sell at N14.21, Ripple (RPX) went down by 6.7 per cent to trade at 244.99, Bitcoin (BTC) fell by 4.5 per cent to close at N10,790,000.99, while Dash (DASH) dropped 3.3 per cent to sell at N51,600.01.