Naira Gains N1.20 Against Dollar at I&E Segment

By Adedapo Adesanya

The Naira recorded an appreciation against the United States Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Tuesday.

During the trading session, the local currency gained 0.31 per cent or N1.20 to quote at N384.80/$1 in contrast to N386/$1 it was exchanged at the segment on Monday.

The domestic currency got a fortification from the decline in the demand for forex by customers as the value of transactions significantly reduced yesterday.

According to data harvested by Business Post, transactions worth $58.85 million were executed in the day compared with the $111.38 million executed on Monday, indicating a decline by 47.2 per cent or $52.53 million.

But at the black market, the value of the Nigerian currency compared with its American counterpart remained unchanged on Tuesday at N475/$1.

However, the Naira declined against the Pound Sterling by N1 to trade at N608/£1 versus the previous day’s N607/£1, and against the Euro, it depreciated by N4 to sell at N557/€1 compared with N553/€1 it was sold at the preceding session.

At the Bureaux De Change (BDC) window, the value of the Naira against the greenback remained flat at N386/$1 and at the interbank segment, the exchange rate of the Naira to the US Dollar remained at N379/$1.

At the cryptocurrency market on Tuesday, there were smiles on their faces of traders as all the seven major digital currencies tracked on Quidax recorded gains.

The Bitcoin (BTC) gained 5.0 per cent to trade at N8,340,201.22, Litecoin (LTC) went up by 5.6 per cent to settle at N35,723.59, Ethereum (ETH) appreciated by 3.3 per cent to quote at N227,070.21, while Ripple (RPX) gained 4.2 per cent to sell at N141.95.

The Dash (DASH) appreciated by 5.2 per cent yesterday to trade at N39,998.00, Tron (TRX) grew by 3.8 per cent to quote at N12.70 and the US Dollar Tether (USDT) jumped by 0.1 per cent to sell for N474.55.