Naira Maintains Stability Against Dollar at I&E

By Adedapo Adesanya

The Naira recorded no movement against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Thursday.

Consequently, the exchange rate closed at N416.33/$1 when trading activities for the day were brought to an end.

The Naira traded flat yesterday amid a drop in FX demand at the market segment as the value of transactions went down by 16.4 per cent or $20.47 million, according to data from FMDQ Securities Exchange.

The forex turnover for the trading day was $104.10 million compared with the $124.57 million reported a day earlier and this caused the stability of the local currency against its American counterpart.

However, the domestic currency continued its depreciation against the American currency at the interbank segment of the market, losing 15 kobo yesterday to trade at N415.45/$1 compared with the preceding day’s N415.30/$1.

But it appreciated by N1.04 against the pound Sterling on Thursday to trade at N565.18/£1 in contrast to Wednesday’s exchange rate of N566.22/£1 and against the Euro, the Naira lost 17 kobo to sell for N471.16/€1 compared to N470.99/€1 of the last session.

Meanwhile, the bears overthrew the bulls at the cryptocurrency market yesterday, causing eight of the 10 digital currencies monitored across several trading platforms to shed weight.

Binance Coin (BNB) lost 3.3 per cent to trade at N189,047.61, Ripple (XRP) went down by 2.6 per cent to trade at N421.85, Cardano (ADA) also made a 2.6 per cent drop to sell at N785.99, while Dash (DASH) slid by 2.4 per cent to trade at N71,838.14.

Further, Dogecoin (DOGE) depreciated by 2.3 per cent to sell at N92.14, Litecoin (LTC) recorded a 2.1 per cent depreciation to trade at N77,332.32, Bitcoin (BTC) posted a 0.8 per cent loss to close at N23,800,000.00, while the United States Dollar Tether declined by 0.2 per cent to quote at N576.21.

But Tron (TRX) gained 1.7 per cent during the session to trade at N39.93, while Ethereum (ETH) appreciated by 1.5 per cent to sell at N1,825,000.00.