Naira Appreciates at I&E Amid 1.3% Rise in FX Transactions

May 25, 2022
FX transactions

By Adedapo Adesanya

The Naira appreciated against the United States Dollar on Tuesday by 0.31 per cent or N1.33 at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market to close at N419.00/$1 compared with Monday’s rate of N420.33/$1.

The appreciation in the value of the Naira happened amid a slight increase in FX transactions at the investors’ window, according to data from the FMDQ Securities Exchange.

The forex turnover recorded yesterday was $87.06 million, 1.3 per cent or $11.81 million higher than the $75.25 million achieved in the preceding trading day.

Also, the Nigerian Naira appreciated against the Dollar by 0.16 per cent or N1 at the peer-to-peer (P2P) market segment to N617/$1 from the N618/$1 recorded in the previous session.

It was a similar situation for the local currency at the interbank segment of the market as it gained N3.07 against the Pound Sterling to trade at N519.77/£1 in contrast to the previous day’s N522.84/£1.

However, the domestic currency depreciated against the Euro yesterday by N2.70 to settle at N445.65/€1 compared with the N442.95/€1 it was transacted on Monday.

A look at the digital market indicated that the bulls are gradually making a comeback as seven of the 10 benchmarked currencies tracked by Business Post were bullish.

TerraUSD (UST), after its recent crisis, recovered 7.4 per cent to sell at $0.0694, Bitcoin (BTC) gained 2.4 per cent to trade at $30,079.34, Litecoin (LTC) appreciated by 1.4 per cent to $70.68, Binance Coin (BNB) also recorded a 1.4 per cent appreciation to trade at $333.62, Ethereum (ETH) saw a 0.7 per cent rise to finish at $2,002.84, Cardano (ADA) grew by 0.4 per cent to $0.5245, while the US Dollar Tether (USDT) recorded a 0.01 per cent topping in its value to sell for $0.9991.

On the losers’ end, Solana (SOL) went down by 0.7 per cent to trade at $49.61, Ripple (XRP) depreciated by 0.6 per cent to trade at $0.4102, while Dogecoin (DOGE) went down 0.6 per cent to sell at $0.0836.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Leave a Reply

stock markets investing Invest in Stocks
Previous Story

Stocks Post Highest Daily Loss in 11 Months After CBN’s Rate Hike

Unlisted Securities Market
Next Story

CSCS Lifts Unlisted Securities Market by 0.24%

Latest from Economy

Don't Miss