Naira to Dollar Exchange Rate Closes Flat at Spot Market
By Adedapo Adesanya
The exchange rate of the Naira to the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market ended in a stalemate on Monday, November 29.
This was because the value of the local currency remained unchanged at N415.07/$1 at the close of business on the first trading session of the week.
This came despite a spike in the demand for forex at the spot market yesterday with the value of transactions rising by 19.1 per cent or $41.22 million to $256.69 million from the $215.47 million achieved last Friday.
Also, at the interbank segment of the market, the Nigerian Naira further closed flat against the American currency on Monday at N411.64/$1.
However, the domestic currency depreciated against the Pound Sterling on Monday by 82 kobo to sell at N549.37/£1 compared to the last session’s N548.55/£1 and lost N2.75 against the Euro to trade at N464.82/€1 compared with N462.07/€1 it traded at the preceding session.
Meanwhile, at the digital currency market, it tilted more to the bulls, signifying a sigh of relief to a market that was gripped by a bearish response to the initial potential threat to investments posed by the new COVID-19 variant, Omicron, first identified in South Africa, spreading to multiple countries including the United Kingdom, Germany and Italy.
Yesterday, Tron (TRX) gained 8.4 per cent to sell at N55.99, Ethereum (ETH) appreciated by 8.3 per cent to trade at N2,468,968.64, Litecoin (LTC) rose by 5.2 per cent to finish at N120,549.89, Bitcoin (BTC) gained 4.2 per cent to quote at N32,715,400.99, Ripple (XRP) appreciated by 2.5 per cent to N558.43, while the United States Dollar Tether (USDT) improved by 0.1 per cent to sell at N569.40.
However, Dash (DASH) slid by 2.7 per cent to sell at N102,283.02, Dogecoin (DOGE) eased by 0.8 per cent to trade N124.70, Cardano (ADA) went down by 0.7 per cent to trade at N915.11, while Binance Coin (BNB) recorded a 0.6 per cent loss to trade at N255,328.89.