Adedapo Adesanya
By Ahmed Rahma, Adedapo Adesanya
The Naira appreciated against the US Dollar at both the black market and the Investors and Exporters segments of the foreign exchange market on Thursday, March 11.
At the unregulated market, the local currency gained N2 to trade at N482/$1 compared to N484/$1 it traded at the widow on Wednesday.
Also, the Naira appreciated against the Euro by N5 at the parallel market yesterday to sell for N575/€1 in contrast to N580/€1 of the previous day but closed flat against the Pound Sterling at N675/£1.
Business Post reports that the domestic currency received fortification against the United States Dollar at the Investors and Exporters (I&E) window on Thursday after it gained 0.52 per cent or N2.13. It closed for the session at N409/$1 versus N411.13/$1 it finished at the midweek session.
A closer look at the transactions yesterday showed that there was a spike in the demand for FX at the investors’ segment by 420.3 per cent equivalent or a rise by $155.19 million but there was FX liquidity to soak the pressure.
The day’s turnover was $192.11 million in contrast to $32.58 million of the previous day.
The exchange rate of the Naira to the Dollar at the interbank market remained unchanged as the Central Bank of Nigeria (CBN) still auctioned the FX to commercial banks at N379/$1.
Meanwhile, activities at the cryptocurrency market on Thursday were mixed as four of the seven digital currencies tracked by Business Post closed bullish.
The value of the Bitcoin (BTC) increased by 2.8 per cent to N35,762,756.99; Ethereum (ETH) gained 1.8 per cent to sell at N1,139,946.00; Litecoin (LTC) appreciated by 3.5 per cent to trade at N129,900; while Tron (TRX) rose by 3.5 per cent to quote at N32.55.
On the flip side, the price of the Dash (DASH) depreciated by 0.3 per cent to N146,765.01; Ripple (XRP) recorded a 3.0 per cent loss to trade at N287.30; while the US Dollar Tether (USDT) dropped 3.5 per cent to sell for N615.70.
