Naira Gains 0.12% Amidst FX Demand Pressure
By Adedapo Adesanya
Despite the foreign exchange (FX) demand pressure at the Investors and Exporters (I&E) window on Wednesday, the Naira closed stronger against the United States Dollar.
During the session, the transactions recorded at the market segment increased by $129.93 or 305.1 per cent to $172.52 million from the previous day’s $42.59 million.
However, the availability of FX, supplied by the Central Bank of Nigeria (CBN) to FX dealers at the window to meet the demands of their customers, ensured that the local currency was bullish.
At the close of business, the Naira appreciated against the Dollar by 50 kobo or 0.12 per cent to sell at N410.50/$1 compared with N411/$1 it traded on Tuesday.
However, at the interbank segment of the market, the domestic currency traded flat against the greenback at the midweek session at N379/$1.
Also, the exchange rate of the Naira to the American currency remained unchanged at the unregulated segment of the FX market, the parallel market, at N485/$1.
The Naira equally traded flat against the Pound Sterling at the black market yesterday at N675/£1 but gained N1 on the Euro to sell at N585/€1 in contrast to N586/€1 it previously traded.
Bulls Return to Cryptocurrency Market
Meanwhile, the cryptocurrency market was bullish yesterday as most of the tokens monitored by Business Post on the popular trading platform, Quidax, pointed northwards.
The value of the Bitcoin (BTC) jump by 4.0 per cent to trade at N28,321,870.00, Ethereum (ETH) moved upwards by 4.7 per cent to trade at N1,728,599.99, while Ripple (XRP) appreciated by 13.3 per cent to trade at N810.07.
Also, the Tron (TRX) improved yesterday by 11.0 per cent to sell at N70.13, the Litecoin (LTC) appreciated by 12.6 per cent to quote at N170,001.00, while the Dash (DASH) gained 10.3 per cent to sell at N194,180.84.
However, the US Dollar Tether (USDT) had a bad day as its value went down by 2.2 per cent to N518.59.