Naira Remains Flat at N415.07/$1 at I&E

By Adedapo Adesanya

The Naira remained flat against the United States Dollar at N415.07/$1 for a third straight session at the Investors and Exporters (I&E) window of the foreign exchange on Monday, October 25.

The stability was maintained by the Naira as pressure coming from the demand for FX at the market segment eased yesterday, according to data from the FMDQ Securities Exchange.

During the trading session, the value of trades at the FX window stood at $90.36 million as against the $240.97 million achieved at the previous trading day, indicating a decline by 62.5 per cent or $150.61 million.

However, at the interbank segment of the market, the domestic currency could not replicate the feat at the I&E as it depreciated against its American counterpart by 3 kobo to quote at N410.99/$1 in contrast to N410.96/$1 it traded last Friday.

As for the digital currency market, it was largely bullish as 10 of the tokens tracked by Business Post across several trading platforms were in the green territory.

Bitcoin (BTC) appreciated by 2.3 per cent to sell for N35,453,690.29 and this growth was influenced by the decision of the US Securities and Exchange Commission (SEC) to allow a bitcoin exchange-traded fund (ETF), which led to the listing of two investment products.

On October 15, the SEC approved the first bitcoin futures ETF, the ProShares Bitcoin Strategy ETF, and the announcement drove bitcoin’s price above $60,000 for the first time in six months.

On October 19, the ProShares ETF began trading on the New York Stock Exchange under the ticker symbol BITO.

This development triggered growth in other digital coins and yesterday, Litecoin (LTC) grew by 2.9 per cent to trade at N109,577.00, Binance Coin (BNB) gained 1.7 per cent to sell at N198,538.72, Dogecoin (DOGE) improved by 1.6 per cent to trade N157.96, while Ethereum (ETH) rose by 1.2 per cent to sell at N2,382,200.00.

In addition, Cardano (ADA) recorded a 1.1 per cent rise to sell at N1,256.18, Tron (TRX) followed with a 0.7 per cent appreciation to sell at N55.89, while the United States Dollar Tether (USDT) made a 0.2 per cent rise to sell at N568.00.

On the flip side, Dash (DASH) lost 0.5 per cent to sell at N114,293.48, while Ripple (XRP) depreciated by 0.2 per cent to N617.99.