Naira Closes Flat at N415.10/$1 as FX Demand Drops

By Adedapo Adesanya

The Naira closed flat against the United States Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Friday, October 29 at N415.10/$1.

Business Post reports that the market segment was relatively quiet yesterday and this was reflected in the turnover recorded at the close of transactions.

According to data from FMDQ Securities Exchange, the value of FX trades at the foreign currencies exchange window stood at $93.71 million.

At the preceding session, the turnover was $263.70 million, indicating that the FX demand at the last trading day of the week on I&E depreciated by 64.5 per cent or $169.99 million.

In the same vein, the exchange rate of the Naira to the Dollar at the interbank segment of the market was again in favour of the latter as it closed at N411.09/$1 as against the previous day’s N411.06/$1, showing that the local currency depreciated by 3 kobo.

Also, the domestic currency depreciated by 75 kobo against the British Pound Sterling at the interbank segment yesterday to close at N565.29/£1 compared to the previous day’s N564.54/£1 but gained 36 kobo against the Euro to sell for N476.67/€1 in contrast to N477.03/€1 it traded on Thursday.

Meanwhile, the digital currency market closed bearish yesterday as most of the tokens monitored by this newspaper closed in the negative region as six of the 10 cryptos closed in red.

Bitcoin (BTC) grew by 0.3 per cent to sell for N35,218,197.91, Ethereum (ETH) appreciated by 2.6 per cent to sell at N2,425,100.01, Binance Coin (BNB) gained 0.4 per cent to trade at N216,370.19, while Dogecoin (DOGE) grew by 0.1 per cent to quote at N171.08.

But Tron (TRX) lost 2.4 per cent to sell at N55.37, Litecoin (LTC) went south by 0.9 per cent to trade at N107,713.02, the United States Dollar Tether (USDT) fell by 0.8 per cent to sell at N573.47, Dash (DASH) lost 0.5 per cent to sell at N104,608.14, Ripple (XRP) was ripped apart by 0.4 per cent to N614.54, while Cardano (ADA) dropped 0.2 per cent to sell at N1,193.24.