Naira-Dollar Exchange Rate Unchanged at I&E Amid 100% Surge in FX Demand

By Adedapo Adesanya

The Naira to Dollar exchange rate remained unchanged at N415.07/$1 for the second straight session at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Thursday.

The local currency sustained its stability at the official market segment yesterday amid a surge in FX demand as data from the FMDQ Securities Exchange stated that the turnover surged by $227.39 million or 100.6 per cent.

This was because the value of transactions at the I&E window on Thursday was $453.38 million in contrast to the $225.99 million worth of trades carried out on Wednesday.

However, at the interbank market, the Naira depreciated yesterday against the American currency by one kobo to settle at N411.75/$1 compared with the preceding day’s N411.74/$1.

At the same market segment, the domestic currency equally recorded a marginal loss of 2 kobo against the Pound Sterling to sell at N543.06/£1 in contrast to N543.04/£1 it closed a day earlier.

Also, the Nigerian Naira depreciated against the Euro on Thursday by one kobo to trade at N464.08/€1 versus N464.07/€1 it was sold at the preceding session.

At the cryptocurrency market, a majority of the tracked digital currencies by Business Post yesterday were bearish as the market opted for a sell-off with seven of the 10 coins in the negative territory.

Cardano (ADA) recorded the heaviest loss with a decline of 5.4 per cent to quote at N755.25, Dogecoin (DOGE) slid 4.3 per cent to sell at N142.38, Binance Coin (BNB) made a 4.1 per cent dip to trade at N236,652.94, while Litecoin (LTC) fell by 3.3 per cent to trade at N87,110.36.

In addition, Ethereum (ETH) depreciated by 2.7 per cent to sell at N2,299,972.89, Bitcoin (BTC) lost 2.6 per cent to quote at N27,554,293.32, while Tron (TRX) went down by 0.2 per cent to sell for N52.38.

On the positive side, Dash (DASH) moved up by 2.5 per cent to sell for N81,741.65, the US Dollar Tether (USDT) moved upwards by 1.2 per cent to N575.89, while Ripple (XRP) climbed 0.8 per cent to trade at N499.59.