Naira Stable Against Dollar Across FX Segments

By Adedapo Adesanya

The Naira was stable against the US Dollar across all the segments of the foreign exchange (forex) market on Monday, December 14.

At the Investors and Exporters (I&E) window, the local currency maintained the exchange rate against the greenback at the close of transactions at N394/$1 and this was supported by the calm at the market.

According to data obtained by Business Post from FMDQ Securities Exchange yesterday, the pressure on the Naira was eased at the market window as a result of significant drop in the hunger for forex.

It was observed that the FX demand reduced in the session by 72.4 per cent or $284.59 million to $108.40 million from the previous session’s $392.99 million.

Equally, at the Bureaux De Change (BDC) segment of the market, data from the Association of Bureaux De Change Operators of Nigeria (ABCON) showed that the Nigerian currency closed flat against the American currency at N395/$1.

Same outcome was recorded at the interbank window of the forex market, where the Central Bank of Nigeria (CBN) sold the greenback to commercial banks at N379/$1.

Even at the black market that has recorded a high volatility in recent weeks, the Naira was stable against the Dollar at the segment yesterday at N475/$1.

However, the domestic currency depreciated against the Pound Sterling yesterday at the parallel market by N3 to settle at N628/£1 compared with N625/£1 it traded last Friday and closed flat against the Euro at N580/€1..

Meanwhile, at the cryptocurrency market on Monday, transactions opened the week on a positive note as majority of the tokens tracked pointed north.

The Litecoin (LTC) was the highest gainer as it went up by 4.9 per cent to sell at N40,301.01 as the Dash (DASH) gained 2.9 per cent to settle at N46,800.00.

The Bitcoin (BTC) continued its recovery with an appreciation of 1.4 per cent to trade at N9,305,000, the Ethereum (ETH) went up by 0.9 per cent to quote at N263,999.99, the Tron (TRX) rose by 0.9 per cent gain to trade at N14.01, while the US Dollar Tether (USDT) appreciated by 0.4 per cent to sell for N480.89.

However, the Ripple (RPX) went down on Monday by 2.9 per cent to sell at N242.10.