Naira Edges US Dollar by 0.71% to N418.50/$1 at I&E

By Adedapo Adesanya

The Naira bounced back at the Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday as it appreciated against the United States Dollar by 0.71 per cent or N3 to settle at N418.50/$1 compared with N421.50/$1 it closed a day earlier.

Though the Nigerian currency was under forex demand pressure at the investors’ window yesterday, the supply of FX to traders by the Central Bank of Nigeria (CBN) from the reserves strengthened the indigenous legal tender.

The FX turnover for the trading session was $105.11 million, 48.7 per cent or $34.43 million higher than the $70.68 million reported at the preceding session.

However, the Naira suffered a N1 or 0.17 per cent loss against the Dollar at the peer-to-peer (P2P) market segment as it closed at N615/$1 compared to the previous day’s N614/$1.

It was a similar situation for the local currency at the interbank segment of the forex market as it depreciated against the Pound Sterling by N9.60 to quote at N519.10/£1 versus Monday’s value of N509.50/£1, while against the Euro, the domestic currency lost N5.08 to trade at N438.13/€1 in contrast to N431.87/€1 of the previous session.

Meanwhile, the bears took control of the digital currency market yesterday, with eight of the 10 benchmarked currencies tracked by Business Post closing in the negative territory.

Binance Coin (BNB) lost 1.9 per cent to trade at $300.46, Ripple (XRP) also depreciated by 1.9 per cent to $0.4279, Cardano (ADA) went down by 1.9 per cent to $0.5602, Bitcoin (BTC) fell by 1.8 per cent to $29,807.88, Ethereum (ETH) dropped 1.6 per cent to sell for $2,038.25, Dogecoin (DOGE) declined by 1.4 per cent to $0.0887, Solana (SOL) went down by 1.0 per cent to trade at $55.28, while the US Dollar Tether (USDT) recorded a 0.01 per cent loss to sell for $0.9988.

However, TerraUSD (UST) recovered 4.1 per cent to trade at $0.1283, while Litecoin (LTC) appreciated by 0.8 per cent to quote at $71.38.