Naira Sells for N409.13/$1 at I&E as Crypto Market Recovers

By Adedapo Adesanya

The Naira opened the week in the positives at the Investors and Exporters (I&) window on Monday, March 29, appreciating by 87 kobo or 0.21 per cent against the US Dollar to close at N409.13/$1 compared to N410/$1 recorded last Friday.

The growth happened as there was less pressure on the domestic currency at the foreign exchange (FX) window yesterday, according to data from FMDQ Securities Exchange.

It was observed that forex traders had enough supply to meet the demand of their customers and at the close of transactions, the segment recorded trades worth $30.84 million compared with the previous session’s $72.43 million, indicating a decline in turnover by 57.4 per cent or $41.59 million.

However, at the unregulated segment of the FX market yesterday, it was a different outcome for the local currency as it maintained its stability against the United States Dollar at N485/$1.

But this could not be extended to the British Pound Sterling as it appreciated by N3 to sell at N677/£1 compared to N680/£1 of the preceding session and also gained N3 against the Euro to trade at N575/€1 in contrast to the previous rate of N578/€1.

A look at the interbank window of the market showed that the Naira sustained stability against the green on Monday as the Central Bank of Nigeria (CBN) maintained its FX auction rate to commercial banks at N379/$1.

Recovery Continues at the Cryptocurrencies Market

Meanwhile, the bulls ran the affairs at the cryptocurrency market yesterday as all the seven digital coins monitored by Business Post on a popular trading and tracking platform, Quidax, extended their gains, following a rebound from last week’s dip.

The Bitcoin (BTC) jumped higher by 4.4 per cent to sell at N28,750,000.00; the Ethereum (ETH) soared by 5.8 per cent to N884,484; the Ripple (XRP) recorded a 1.9 per cent gain to trade at N280.01; while the Tron (TRX) appreciated by 0.3 per cent to quote at N32.51.

Furthermore, the Litecoin (LTC) improved by 4.8 per cent to trade at N96,003; the Dash (DASH) grew by 7.1 per cent to sell at N105,000; while the US Dollar Tether (USDT) appreciated by 1.0 per cent to trade at N502.01.