Naira Maintains Stability at Various FX Market Windows

December 16, 2020
naira and dollar

By Adedapo Adesanya

The Naira extended its stability against the United States Dollar into a second day at the various windows of the foreign exchange (FX) market on Tuesday, December 15.

During the trading session, the value of the local currency closed flat against the American currency at the major segments of the market.

At the Investors and Exporters (I&E) window of the market, the domestic currency maintained its previous exchange rate against the greenback at N394/$1 despite the 3.4 per cent or $3.68 million rise in the demand for forex to $112.08 million from the previous day’s $108.40 million.

Also at the parallel market, the local currency traded flat against the greenback at N475/$1 and then remained unchanged against the Pound Sterling at the same black market at N628/£1 but gained N2 against the Euro to close at N578/£1 versus N580/€1 it closed at the market on Monday.

The value of the Naira compared with the Dollar remained unchanged at the Bureaux De Change (BDC) segment of the FX market yesterday at N395/$1, according to data from the Association of Bureaux De Change Operators of Nigeria (ABCON).

At the interbank window of the forex market, the Central Bank of Nigeria (CBN) sold the greenback to commercial banks at N379/$1 at the market, the same rate it auctioned it to them on Monday.

At the cryptocurrency market, out of the seven tokens tracked on Quidax, four ended in the positive territory while three settled in the negative territory.

The Bitcoin appreciated by 0.4 per cent to sell at N9,340,901.89, the Ethereum (ETH) gained 1.2 per cent to trade at 280,715.05, the Tron (TRX) rose by 1.2 per cent to settle at N14.18, while the US Dollar Tether (USDT) went up by 0.9 per cent to close at N484.97.

However, the Ripple (RPX) lost 9.9 per cent to sell at N218.00, the Dash (DASH) depreciated by 2.1 per cent to N45,802.01, while the Litecoin (LTC) slid by 1.5 per cent to sell at N39,698.50.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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