Naira Overcomes FX Demand Pressure at I&E, Gains 0.02%
By Adedapo Adesanya
The Naira performed well against the US Dollar on Wednesday despite coming under pressure at the Investors and Exporters (I&E) window of the foreign exchange (FX) market.
Business Post reports that the Nigerian currency appreciated by 8 kobo or 0.02 per cent during the session to N416.25/$1 in contrast to N414.33/$1 it ended at the preceding trading day.
Data from the FMDQ Securities Exchange showed that the demand for forex at the market window rose by $27.61 million or 28.9 per cent as the turnover was $123.13 million compared to $95.52 million recorded the day before.
However, despite facing an FX demand pressure, the local currency came out stronger than the American currency.
But at the interbank segment of the market, the Nigerian currency maintained stability against the greenback as its value remained unchanged at N415.82/$1 at the close of transactions.
It was a similar scenario for the domestic currency at the same interbank segment yesterday against the Pound Sterling as the rate remained intact at N558.86/£1. The situation was also not different with the Euro as the Naira made no movement, closing at N468.71/€1.
Meanwhile, at the cryptocurrency market on Wednesday, the attempt to make a recovery was futile due to moves by the US Federal Reserve to tamper with rates in March.
Binance Coin (BNB) shed 3.8 per cent yesterday to sell at N150,291.61, Dogecoin (DOGE) lost 3.7 per cent to sell at N83.16, Ethereum (ETH) recorded a 3.5 per cent depreciation to sell at N1,423,106.00, while Litecoin (LTC) made a 3.3 per cent drop to trade at N61,547.90.
Further, Cardano (ADA) retreated by 2.5 per cent to sell at N610.97, Dash (DASH) made a 2.1 per cent decline to trade at N51,280.17, the US Dollar Tether (USDT) depreciated by 1.1 per cent to sell for N577.72, while Bitcoin (BTC) recorded a 0.2 per cent drop to trade at N21,276,665.94.
However, Ripple (XRP) went up by 0.4 per cent to trade at N358.67, while Tron (TRX) appreciated by 0.2 per cent to sell at N32.81.