Naira Gives up 27 Kobo Against Dollar at Official Window

By Adedapo Adesanya

The Naira depreciated against the US Dollar by 27 kobo or 0.06 per cent at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Wednesday, November 24.

At the spot market, the exchange rate of the Naira to the greenback was N415.07/$1 in contrast to N414.80/$1 it was traded at the previous session.

The Nigerian currency suffered the loss yesterday despite a reduction in the value of transactions at the investors’ window, according to data published on the FMDQ Securities Exchange.

The day’s trading data obtained by Business Post showed that the turnover for the session went down by 12.9 per cent or $36.03 million as the value of trades stood at $243.34 million in contrast to the previous day’s turnover of $279.37 million.

However, the local currency turned the tide at the interbank segment as it closed stronger against the American currency with a gain of one kobo to trade at N411.63/$1 compared with N411.64/$1 it quoted a day earlier.

Also, the Naira appreciated against the British Pound Sterling on Wednesday by 38 kobo to trade at N549.69/£1 versus the preceding session’s N550.07/£1 and gained N1.65 against the Euro to close the day at N461.44/€1 compared with N463.09/€1 of the previous day.

A look at the digital currency market on Wednesday showed a mixed outcome as five of the 10 tokens tracked during the session were bullish.

Binance Coin (BNB) pointed northwards by 4.9 per cent to sell at N246,083.04 and was joined by Dash (DASH), which also appreciated by 4.9 per cent to trade at N115,000.00.

Ethereum (ETH) grew by 1.5 per cent to N2,419,212.79, Bitcoin (BTC) continued its slow ascent with a 0.9 per cent growth to sell at N32,696,690.57, while the US Dollar Tether (USDT) gained 0.2 per cent to quote at N567.51.

On the flip side, Tron (TRX) emerged as the highest decliner, falling by 3.3 per cent to sell for N56.34. Ripple (XRP) depreciated by 1.9 per cent to N582.42, Litecoin (LTC) dropped 1.7 per cent to sell at N124,900.00, Dogecoin (DOGE) retreated by 0.9 per cent to N127.18, while Cardano (ADA) shed 0.6 per cent to trade at N957.81.