Naira Remains Stable at I&E, Parallel Market

April 27, 2021
Naira parallel market

By Adedapo Adesanya

The stability the Naira witnessed against the United States Dollar at the Investors and Exporters (I&E) and the unregulated segments of the foreign exchange market was maintained on Monday, April 26.

During the trading session, the local currency traded flat against the greenback at the I&E window, closing at N410/$1, the same rate it ended at the preceding session.

The Nigerian currency stood its ground despite demand pressure as there was a spike in the request for FX by customers at the market window.

Transactions valued at $47.45 million were recorded on the first trading day of the week compared with the $32.01 million achieved previously, indicating an increase of $15.44 million or 48.2 per cent.

At the parallel market, the Naira equally retained its previous closing rate of N485/$1 just as it traded flat against British Pound Sterling yesterday at N672/£1.

However, the domestic currency depreciated against the Euro by N5 to close the session at N582/£1 compared with N577/£1 of the preceding session.

At the official exchange window of the country known as the interbank market segment, the value of the Naira to its American counterpart remained unchanged at the close of business on Monday at N379/$1.

Bulls reclaim cryptocurrency market

At the cryptocurrency market yesterday, there was a sigh of relief as the bulls made a return to the ecosystem after a few days away.

Business Post reports that six of the seven digital currencies tracked closed in green, indicating a refreshed interest in the assets which suffered a heavy plunge last week.

The most popular token in the world, Bitcoin (BTC), expanded by 9.1 per cent to trade at N26,899,012.05; Ethereum (ETH) appreciated by 2.2 per cent to sell at N1,205,701.04; while Ripple (XRP) skyrocketed by 21.2 per cent to trade at N639.70.

Also, the Dash (DASH) improved by 13.5 per cent to sell at N139,358.82; the Litecoin (LTC) gained 10.0 per cent to trade at N121,200.85; while Tron (TRX) grew by 21.7 per cent to sell at N62.98.

However, the US Dollar Tether (USDT) plunged by 0.9 per cent to quote at N498.27.

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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