Naira Edges Higher by 0.06% on Fall in FX Turnover

By Adedapo Adesanya

The Naira appreciated against the United States Dollar by 0.06 per cent or 25 kobo at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Tuesday.

Trading data revealed that the Nigerian Naira exchanged against its American counterpart yesterday at the spot market at the rate of N416.00/$1 compared with N416.25/$1 it was traded at the previous session.

This was buoyed by a slight decline in the FX turnover at the I&E window during the trading session, according to data obtained from the FMDQ Securities Exchange.

Transactions worth $104.92 million were performed at the market segment on Tuesday in contrast to the $113.65 million worth of trades executed at the spot market on Monday. This showed that the turnover went down by 7.7 per cent or $8.73 million.

But at the interbank window, the local currency depreciated against the American currency by 18 kobo on Tuesday to sell at N414.44/$1 versus the preceding day’s N414.44/$1.

Also against the Pound Sterling, the domestic currency depreciated by 70 kobo to close at N563.02/£1 compared with Monday’s value of N562.32/£1 and against the Euro, the Naira lost 99 kobo as it closed at N470.02/€1 in contrast to the previous rate of N469.03/€1.

A look into the cryptocurrency market indicated that investors are beginning to have confidence in the ecosystem as six of the 10 tokens watched by Business Post closed positive.

Tron (TRX) appreciated in value yesterday by 5.3 per cent to sell at N37.07, Bitcoin (BTC) gained 3.8 per cent to trade at N24,037,902.00, Litecoin (LTC) also appreciated by 3.8 per cent to quote at N74,806.87, Ethereum (ETH) improved by 3.7 per cent to sell at N1,836,658.46, Ripple (XRP) gained 2.9 per cent to trade at N424.01, while Binance Coin (BNB) appreciated by 0.2 per cent to trade at N190,464.00.

However, Cardano (ADA) suffered a 0.6 per cent loss during the session to sell for N658.18, the US Dollar Tether (USDT) slid 0.5 per cent to sell for N569.09, Dash (DASH) lost 0.3 per cent to trade at N80,900.67, while Dogecoin (DOGE) depreciated by 0.2 per cent to sell at N88.27.