Naira Appreciates by 0.11% at I&E Amid FX Demand Surge

By Adedapo Adesanya

The Nigerian currency on Tuesday, June 29 further appreciated by 45 kobo or 0.11 per cent against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market to close at N410.83/$1 in contrast to N411.28/$1 it ended at the previous session.

This gain in the value of the domestic currency at the specialised window happened amidst an increase in the demand for the greenback at the market.

At the close of yesterday’s session, investors exchanged a total of $215.53 million, $115.05 million or 114.5 per cent higher than the previous session’s $100.48 million.

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 parallel market, traders maintained the previous day’s exchange rate of N502/$1 and against the British Pound Sterling, the Naira remained unchanged as it was sold at N710/£1 as it did at the preceding session.

However, it was a different outcome for the domestic currency against the Euro at the same unregulated window of the forex market as it gained N5 to close at N595/€1 compared with N600/€1 it was sold at the opening session of the week.

Also, at the interbank segment of the forex market, the Central Bank of Nigeria (CBN) sold the Dollar to commercial banks on Tuesday at N410.16/$1.

Meanwhile, the positive sentiment witnessed at the cryptocurrency market on Monday continued yesterday as the digital coins begin to recoup the losses recorded at the previous sessions.

The Bitcoin (BTC) gained per cent to quote at N17,741,446.72, Ethereum (ETH) appreciated by 7.9 per cent to trade at N1,108,668.80, while Ripple (XRP) gained 3.8 per cent to sell at N353.00.

In addition, Dash (DASH) recorded a 6.8 per cent growth to sell at N69,008.04, Litecoin (LTC) jumped by 13.1 per cent to trade at N75,795.00, while Tron (TRX) leapt by 2.1 per cent to N33.50.

However, the United States Dollar Tether (USDT) depreciated by 0.2 per cent on Tuesday to sell for N516.31.