Naira Survives FX Demand Scare, Gains 25 Kobo at I&E

By Adedapo Adesanya

Despite coming under a huge FX demand at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Monday, the Naira closed stronger.

At the market segment yesterday, the local currency appreciated by 25 kobo or 0.06 per cent against the United States Dollar to sell for N411.50/$1 in contrast to N411.75/$1 it traded at the preceding session.

Data from the FMDQ Securities Exchange showed that the turnover for the day jumped to $176.13 million, $102.14 million or 138.0 per cent higher than the $73.99 million recorded last Friday.

But at the parallel market, the Naira remained unchanged against the US Dollar and the Pound Sterling but depreciated against the Euro.

The domestic currency remained at N505/$1 at the unregulated segment of the FX market and traded flat against the Pound at N708/£1 but lost N2 against the Euro to close at N595/€1 versus N593/€1 it ended last Friday.

At the interbank segment of the market, the Nigerian currency closed against the American Dollar at N410.11/$1, the same rate it finished at the previous trading session.

Cryptos Remain in Bearish Territory 

Meanwhile, at the cryptocurrency market, six of the digital tokens tracked by Business Post on Quidax on Monday closed in the bearish territory, with Bitcoin (BTC) depreciating by 3.5 per cent to trade at N16,725,144.26.

Ethereum (ETH) recorded a 3.8 per cent depreciation to sell at N1,058,800.00, Ripple (XRP) dipped by 4.7 per cent to trade at N311.63, Litecoin (LTC) made a 0.7 per cent loss to sell at N66,500.99, Tron (TRX) depreciated by 7.4 per cent to sell at N30.01, while the Dash (DASH) went down by 2.3 per cent to trade at N65,000.00.

The only positive price movement was recorded by the US Dollar Tether (USDT) which appreciated by 0.2 per cent to sell for N511.00.