Adedapo Adesanya
By Adedapo Adesanya
The Naira gained 0.23 per cent or 94 kobo against the United States Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Wednesday, June 2.
It was the first time the domestic currency was recording a movement after closing in the flat territory for the last three trading sessions.
At the midweek session, the local currency closed at N411.06/$1 at the I&E window in contrast to N412/$1 it finished on Tuesday and this strengthening of the currency came in the midst of an FX demand pressure.
According to data from the FMDQ Securities Exchange, the turnover for the day stood at $164 million, $67.09 million or 69.2 per cent higher than the $96.91 million recorded a day earlier.
A look at another segment of the market, the parallel market, showed that the Naira remained unchanged against the US Dollar and the Pound Sterling but depreciated against the Euro.
Data from AbokiFX indicated that the local currency remained flat against the greenback at N498/$1 and unchanged against the British currency at N700/£1 but lost N1 against the Euro to close at N598/€1 in contrast to N597/£1 of the preceding day.
At the interbank segment of the market, the Nigerian currency depreciated by 22 kobo against the American Dollar on Wednesday as it was sold at N410.22/$1 compared with N410/$1 it traded on Tuesday, according to data from the Central Bank of Nigeria (CBN).
Renewed Interest Drives Crypto Up
Meanwhile, at the cryptocurrency market, renewed confidence in the digital assets buoyed the gains recorded in the space yesterday as seven tokens tracked by Business Post closed bullish.
The value of the Bitcoin (BTC) increased at the midweek session by 3.2 per cent to trade at N18,859,269.48, Ethereum (ETH) rose by 11.6 per cent to sell at N1,361,002.00, while Ripple (XRP) appreciated by 4.9 per cent to trade at N527.49.
Also, Dash (DASH) jumped by 6.1 per cent to N105,000, Litecoin (LTC) gained 4.3 per cent to quote at N94,017.00, Tron (TRX) appreciated by 5.9 per cent to sell for N40.12, while the United States Dollar Tether (USDT) gained 1.4 per cent to sell at N509.99.
