Naira Appreciates to N408.90/$1 at Investors’ FX Window

By Adedapo Adesanya

The Naira appreciated by N1.10 or 0.27 per cent on the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Monday, March 15.

During the trading session, the domestic currency was exchanged by traders at N408.90/$1 in contrast to N410/$1 it was sold last Friday.

It was observed by Business Post that the Nigerian currency was able to ‘bully’ its American counterpart at the FX window yesterday due to lower demand for forex by customers.

At the market on Monday, the value of transactions recorded waned by 20.7 per cent or $13.21 million to $50.67 million from the previous $63.88 million.

A quick look at transactions at the parallel market yesterday showed that the domestic currency maintained stability against the greenback to close at N485/$1.

However, the Naira depreciated against the Pound Sterling at the same segment yesterday by N1 to close at N676/£1 in contrast to N675/£1 it finished at the preceding session.

Also, the Nigerian Naira lost N2 against the Euro at the same black market to sell for N582/€1 compared with N580/€1 it traded at the prior session.

At the interbank window of the FX market, the exchange rate of the Naira to the United States Dollar remained unchanged at the close of business on Monday at N379/$1.

Meanwhile, at the cryptocurrency market, transactions were bearish as only two of the seven digital currencies monitored by Business Post on Quidax closed higher.

The most popular token in the world, Bitcoin (BTC), depreciated by 2.4 per cent after its recent surge to sell at N36,600,022.99. The second most valuable token, Ethereum (ETH), lost 0.3 per cent to trade at N1,149,991.00, while Litecoin (LTC) depreciated by 2.5 per cent to trade at N134,700.

Furthermore, the (DASH) went down by 0.5 per cent to sell at N147,080, while Tron (TRX) recorded a 0.3 per cent decrease to sell at N32.29.

On the gainers’ angle, Ripple (XRP) recorded a 2.9 per cent gain to trade at N288.15, while the US Dollar Tether (USDT) gained 0.3 per cent to trade at N625.