By Adedapo Adesanya
The Naira appreciated by 0.17 per cent or 67 kobo against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Thursday to close at the rate of N394/$1 in contrast to N394.67/$1 it was sold previously.
The strengthening of the local currency was boosted by FX liquidity in the market as authorised dealers had enough to meet the rising FX needs of their customers.
According to details of the transactions recorded at the window, the turnover for the rose by 9.6 per cent or $19.26 million as trades worth $219.60 million occurred compared with the previous day’s $200.34 million.
The Central Bank of Nigeria (CBN) has consistently assured that it would make FX available to genuine customers as long as they use the appropriate means to sources for it even during this festive period when demands are always high.
Though the Nigerian currency had a positive outcome at the I&E segment yesterday, it was not the same scenario at the unregulated segment of the FX market, which is the black market.
During the trading session, the local currency extended its loss against the greenback by N2 to trade at N478/$1 versus N476/$1 it exchanged at the preceding session.
The Naira also depreciated against the Pound Sterling yesterday by N6 to trade at N633/£1 in contrast to the previous day’s N627/£1 and lost N1 against the Euro to quote at N577/€1 compared to N576/€1 it finished a day earlier.
However, the Naira maintained stability against the American currency at the Bureaux De Change (BDC) window of the FX market, closing at N395/$1.
In the same vein, the exchange rate of the Nigerian currency to the US Dollar remained unchanged at the interbank segment yesterday at N379/$1.
Meanwhile, at the cryptocurrency market, the Bitcoin (BTC) maintained its uptrend with a price appreciation of 3.1 per cent to trade at N10,795,002.10. The Litecoin (LTC) appreciated by 22.7 per cent to trade at N53,967.65, the Ethereum (ETH) jumped by 1.7 per cent to N312,997.00, while the Dash (DASH) gained 10.0 per cent to sell at N54,147.
Furthermore, the Tron (TRX) appreciated by 0.3 per cent to finish at N14.84, while the US Dollar Tether (USDT) gained 3.1 per cent to quote at N489.94.
