Adedapo Adesanya
By Adedapo Adesanya
The wavy movement of the Naira at the foreign exchange market, especially at the Investors and Exporters (I&E) window this continued on Thursday.
Yesterday, the value of the local currency paired with the United States Dollar appreciated just a day after it depreciated.
During the trading session, the Nigerian currency was strengthened by 0.03 per cent or 13 kobo to trade at N408.67/$1 compared to N408/80/$1 it traded the previous day.
One of the major factors that supported this was the decline in the pressure on the domestic currency as FX traders had enough supply to meet the demands of their customers.
On Thursday, transactions worth $43.97 million were recorded as against the $123.37 million worth of trades recorded at the midweek session, indicating a decrease in the turnover by $79.4 million or 64.4 per cent.
Bu at the parallel market segment, the local currency closed flat against the American currency on Thursday at N480/$1.
The Naira also traded flat against the Pound Sterling and the Euro at the same black market yesterday at N670/£1 and N582/€1 respectively.
Equally, at the interbank segment of the market, the Naira sustained its stability against the greenback at N379/$1 and at the Bureaux De Change (BDC) window, the Naira maintained its previous rate against the Dollar at N395/$.
Meanwhile, the cryptocurrency market continued to witness fluctuations. At the market on Thursday, the Bitcoin (BTC) gained 3.3 per cent to trade at N32,204,465.99.
For the Dash (DASH), it appreciated by 5.2 per cent to sell at N150,000, the Litecoin (LTC) grew by 6.7 per cent to close at N127,000, while the US Dollar Tether (USDT) improved by 5.3 per cent to settle at N685.00.
However, the Ethereum (ETH) lost 2.7 per cent to sell at N1, 060,100.99, the Ripple (XRP) recorded a 0.9 per cent loss to trade at N309.99, while Tron (TRX) declined by 1.4 per cent to sell at N31.50.
