Naira Gains 0.14%, Sells N461.50/$1 at Official Market

By Adedapo Adesanya

The Naira recorded a positive movement against the American Dollar in the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Tuesday, February 7, appreciating by 0.14 per cent or 67 Kobo to close at N461.50/$1 compared with Monday’s value of N462.17/$1.

This occurred as the value of FX transactions at the official market window depreciated by 39.1 per cent or $47.85 million. At the close of trades, the turnover for the session stood at $74.58 million compared with the $122.43 million recorded at the previous session.

Also, in the parallel market wing of the FX market on Tuesday, the Naira regained strength against the American Dollar after it gained N3 to sell at N750/$1, in contrast to the preceding day’s N753/$1.

But in the Peer-2-Peer (P2P) forex segment, the Naira showed no movement against the United States Dollar, closing flat at N761/$1 yesterday.

This same scenario played out in the interbank window of the market, where the domestic currency was flat against the Pound Sterling and the Euro at N555.40/£1 and N496.32/€1, respectively.

In the cryptocurrency market, there was a major green swing following a near collision with a key support point, with Bitcoin (BTC) holding strong to its resistance level, rising by 1.7 per cent yesterday to $23,270.17, as Ethereum (ETH) jumped by 3.1 per cent to $1,680.40.

Solana (SOL) grew by 3.6 per cent to $23.89, Cardano (ADA) appreciated by 3.2 per cent to $0.399, Litecoin (LTC) rose by 2.3 per cent to $101.21, Dogecoin (DOGE) went up by 2.1 per cent to $0.0925, Ripple (XRP) expanded by 1.8 per cent to $0.4019, and Binance Coin (BNB) pointed up by 1.7 per cent to $332.10, while Binance USD (BUSD) and the US Dollar Tether (USDT) remained flat at $1.00 each.

Meanwhile, Nigerians continue to feel the biting effect of a cash crunch that has spurred a series of protests and even violent outbursts across states.

Frustrated Nigerians, despite a promise by President Muhammadu Buhari, have opted to make their grievances known by fists and attacks, though there are speculations that politicians are behind the brewing crisis.