Adedapo Adesanya
By Adedapo Adesanya
The Naira closed stronger against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Thursday by 25 kobo or 0.06 per cent, data obtained by Business Post showed.
At the market segment yesterday, the local currency was traded against the Dollar at N411.25/$1 compared with the preceding day’s N411.50/$1.
One of the major factors behind the strengthening of the domestic currency at this market was the decline in the demand for forex. Also, a sufficient supply of FX to meet the requests of genuine end-users during the trading session.
According to data from the FMDQ Securities Exchange, the value of trades carried out at the I&E segment yesterday was $103.90 million, 18.1 per cent or $23.02 million lower than the $126.92 million recorded the day before.
But at the unregulated segment of the FX market, the Naira was not too lucky as it depreciated by N2 against the greenback on Thursday to close at N508/$1 compared with N506/$1 it was traded on Wednesday.
Against Pound Sterling, the local currency closed flat at N705/£1 but depreciated against the Euro by N2 to finish at N598/€1 versus N596/€1.
At the interbank window on Thursday, the Nigerian currency closed flat against the American Dollar at N410.11/$1, according to data obtained from the Central Bank of Nigeria (CBN).
Meanwhile, at the cryptocurrency market, it was bullish yesterday as all the seven cryptos tracked by Business Post on Quidax closed in the green territory.
Bitcoin (BTC) appreciated by 5.9 per cent to trade at N20,769,700.00, Ethereum (ETH) recorded a 6.8 per cent growth to sell at N1,420,000.03, while Ripple (XRP) made a 0.8 per cent gain to trade at N373.56.
Also, Dash (DASH) improved its value during the session by 2.8 per cent to trade at N78,114.26, Litecoin (LTC) jumped by 2.1 per cent to sell at N71,204.07, Tron (TRX) hopped by 4.8 per cent to sell at N35.62, while the US Dollar Tether (USDT) leapt by 0.5 per cent to quote at N510.08.
