Naira Edges US Dollar by 0.19% at Investors Window

By Adedapo Adesanya

The Naira wrapped the week stronger against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market as it appreciated by 0.19 per cent or 80 kobo on Friday, November 5 as the demand for forex waned at the segment.

According to data harvested from the FMDQ Securities Exchange, the local currency was sold for N414.30/$1 in contrast to the N415.10/$1 it was traded on Thursday at the investors window.

At the final trading session of the week, a turnover of $99.14 million was recorded as against the $129.54 million achieved at the preceding session, indicating a $30.4 million or 23.5 per cent decline from the turnover of the previous session.

However, the Naira closed bearish at the interbank segment of the market as the Nigerian currency closed against the American Dollar at N411.29/$1 in contrast to N411.24/$1 it was traded a day earlier. This showed that the Naira lost 5 kobo against the greenback at the same market window.

But the Naira appreciated against the British Pound Sterling at the interbank segment on Friday by N8.69 to settle at N553.02/£1 compared to N561.71/£1 it was sold on Thursday and also gained N2.21 against the Euro to finish at N474.38/€1 in contrast to the preceding day’s N476.59/€1.

At the cryptocurrency market, a majority of the digital currencies tracked by Business Post traded higher yesterday with Binance Coin (BNB) leading the gainers log with a 4.1 per cent growth to trade at N247,654.98.

Litecoin (LTC) improved by 2.1 per cent to sell for N114,989.96, Ethereum (ETH) recorded a 1.2 per cent appreciation to trade at N2,549,989.89, while Dogecoin (DOGE) was 0.8 per cent higher as it sold at N158.53, the US Dollar Tether (USDT) moved upwards by 0.3 per cent to sell for N566.69, while Tron (TRX) grew by 0.1 per cent to quote at N59.86.

On the losers’ side, Ripple (XRP) recorded the highest loss by 6.6 per cent to trade at N645.99, Dash (DASH) dropped 2.7 per cent to sell for N111,859.82, Bitcoin (BTC) went down by 1.5 per cent to N35,218,990.78, while Cardano (ADA) depreciated by 0.3 per cent to N1,204.78.