Adedapo Adesanya
By Adedapo Adesanya
The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) and the unregulated segments of the foreign exchange (FX) market on Tuesday, August 31.
Business Post reports that at the I&E window, the domestic currency appreciated by 55 kobo or 0.13 per cent to quote at N411.08/$1 compared with N411.63/$1 it traded on Monday.
A low turnover, which resulted in ease in pressure, was one of the reasons for the gains posted by the local currency yesterday at the market segment.
According to data from the FMDQ Securities Exchange, the value of trades at the FX category stood at $72.50 million as against the $81.81 million achieved at the preceding session, indicating a $9.31 million or 11.4 per cent decrease in the market turnover.
Equally, at the parallel market, the Nigerian currency appreciated against the Dollar on Tuesday by N1 as it traded at N526/$1 in contrast to the N527/$1 it was exchanged on Monday.
But the local currency closed flat against the Pound Sterling at the black market yesterday at N715/£1 and appreciated by N4 against the Euro to N612/€1 from N616/€1 it quoted on the opening day of the week.
It was a different outcome for the Naira at the interbank segment of the market as it depreciated by 3 kobo or 0.01 per cent against the American Dollar to settle at N410.32/$1 compared with the previous day’s N410.29/$1.
Meanwhile, at the digital currency market on Tuesday, it was a mixed performance, according to data harvested by this newspaper.
Bitcoin (BTC), the world’s most valued cryptocurrency, went down by 0.8 per cent to sell for N24,999,297.00, Dash (DASH) recorded a 0.4 per cent fall to sell at N117,000.00, while the United States Dollar Tether (USDT) went south by 0.2 per cent to sell for N526.89.
However, Ethereum (ETH) grew by 1.6 per cent to trade at N1,753,230.01, Ripple (XRP) recorded a 5.3 per cent appreciation to sell at N616.00, Tron (TRX) rose by 1.3 per cent to N47.00, while Litecoin (LTC) gained 0.4 per cent to trade at N88,302.00.
