Naira Maintains Stability Against Dollar at I&E

By Adedapo Adesanya

For another trading session, the Naira sustained its stability against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Wednesday.

At the midweek session, the Nigerian currency traded flat against the greenback at the I&E window at N415.07/$1 for the fourth straight trading day.

The stalemate between the local and the American currencies occurred yesterday amid a spike in the value of transactions recorded at the market segment.

Data sourced from the FMDQ Securities Exchange showed that the turnover for the day jumped to $223.18 million from $152.98 million achieved a day earlier, indicating an increase of $70.2 million or 45.9 per cent.

But at the interbank segment of the market, the Nigerian currency further depreciated on Wednesday by 4 kobo against the American Dollar as it traded at N411.7/$1 compared to N410.66/$1 of the preceding day.

The local currency, however, appreciated by 89 kobo against the Pound Sterling to trade at N548.43/£1 in contrast to N549.32/£1 it closed on Tuesday.

Equally, the Naira gained N1.03 against the Euro to settle at N466.25/€1 compared with N467.28/€1 it traded the previous trading session.

A look at the digital currency market showed that on Wednesday, the majority of the cryptocurrencies tracked by Business Post turned red as the global investment scene is slow to recover from the recent sell-off arising from the threat by the Omicron variant of COVID-19.

Bitcoin (BTC) recorded a 0.9 per cent drop to trade at N32,145,831.74, Dash (DASH) declined by 3.1 per cent to sell at N101,777.49, Litecoin (LTC) made a 3.0 per cent fall to quote at N115,884.76, Cardano (ADA) depreciated by 2.5 per cent to sell at N869.82, Ripple (XRP) went south by 1.8 per cent to trade at N555.44, while Dogecoin (DOGE) lost 1.2 per cent to sell at N116.13.

On the flip side, Ethereum (ETH) recorded a 4.3 per cent appreciation to sell at N2,629,999.98, Binance Coin (BNB) rose by 1.2 per cent to N250,663.24, Tron (TRX) appreciated by 0.9 per cent to sell at N56.69, while the US Dollar Tether (USDT) went up by 0.1 per cent to sell for N568.69.