Naira Extends Gains at Investors’ Window by 0.12%

January 20, 2021
investors window

By Adedapo Adesanya, Ahmed Rahma

The Naira extended its strong performance against the US Dollar at the Investors and Exporters (I&E) on Tuesday, January 19, appreciating by 48 kobo or 0.12 per cent to trade at N393.35/$1 compared to N393.83/$1 it recorded at the last session.

This was boosted by the drop in demand for the greenback as daily market turnover for the market segment obtained from FMDQ Securities Exchange showed that trades worth $26.83 million were executed in contrast to the $69 million transacted on Monday, indicating $42.17 million or 61.1 per cent decline.

At the parallel market yesterday, the Naira maintained its stability against the American currency to trade at N475/$1 and against the Euro, the local currency also traded flat at N580/€1. But the Naira depreciated against the Pound Sterling by N6 to sell for N648/£1 in contrast to N642/£1 it traded the previous day.

At the Bureaux De Change (BDC) segment of the market, data from the Association of Bureaux De Change Operators of Nigeria (ABCON) showed that the Nigerian currency closed flat against the American currency at N395/$1 and at the interbank window, the Naira remained unchanged against the US Dollar at N379/$1.

Meanwhile, at the cryptocurrency market, Ether (ETH), the second-largest digital currency by market value, continued its strong build-up with a 5.8 per cent appreciation to sell at N676,997.00.

Ripple (XRP) recorded a 2.5 per cent appreciation to sell at N142.50, Dash (DASH) recorded a 0.1 per cent gain to sell at N60,900, while the Tron (TRX) improved by 0.9 per cent to trade at N15.14.

On the other hand, Bitcoin continued to dip and yesterday, it was never different, losing 1.8 per cent to sell for N17,367,010.40. The Litecoin (LTC) dipped 2.0 per cent to settle at N74,000, while the United States Dollar Tether (USDT) lost 0.3 per cent in value to sell for N483.00.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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