Naira Sheds 0.04% at I&E on High Demand for Forex

Forex Demand

By Adedapo Adesanya

The Naira opened the week on a negative note on Monday at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market after recording a price depreciation of 0.04 per cent or 17 kobo against the US Dollar.

The local currency, which closed at the market window last Friday at N385.83/$1, was traded yesterday at N386/$1 by authorised traders.

From the data harvested from the FMDQ Securities Exchange, it was observed that though the daily turnover slightly decline, the demand for FX remained high at the segment.

At the close of transactions yesterday, forex worth $120.93 million were exchanged compared with the $125.40 million recorded at the last session, indicating a decline of 4.5 per cent or $4.47 million.

However, at the interbank window of the forex market, the domestic maintained stability against the greenback on Monday at N379/$1.

It was a similar scenario at the Bureaux De Change (BDC) segment of the foreign market, where the Nigerian currency maintained the previous rate it was traded against its American counterpart at N386/$1.

It was not different at the parallel market, where the value of the domestic currency against the United States Dollar remained unchanged yesterday at N462/$1.

However, at the same market window, the Naira finished N3 stronger against the Pound to trade at N592/£1 compared with N595/£1 of the previous day, while the domestic currency remained flat versus the Euro at N540/€1.

Against other currencies at the parallel market as published by abokiFX, the Naira traded flat against the Canadian Dollar at N327/CAD, it traded flat against the South African Rand at N28/Rand and flat against the Ghanaian Cedi at N75/GH₵.

Meanwhile, on the cryptocurrency scene, the rates of the digital money went up across the currencies tracked by Business Post on Quidax.

The value of the Bitcoin (BTC) appreciated by 2.53 per cent to sell at N5.46 million, the Ethereum (ETH) gained 0.88 per cent to N176,469, the Litecoin (LTC) jumped by 12.4 per cent to N22,183, while the value of Ripple (XRP) went up by 3.61 per cent to settle at N116.38.

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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