Naira Trades at N416/$1 After 0.06% Appreciation

By Adedapo Adesanya

The Nigerian Naira recorded a 25 kobo or 0.06 per cent gain against the American Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Friday, January 7.

According to data from the FMDQ Securities Exchange, the Naira was traded at N416.00/$1 yesterday compared with N416.25/$1 it was transacted on Thursday.

This happened as the total value of forex transacted by investors stood at $113.65 million, 1.1 per cent or $1.3 million lower than the $114.95 million carried out a day earlier.

A look at the interbank segment of the FX market indicated that the local currency depreciated against the American currency by 35 kobo or 0.08 per cent on Friday to settle at N414.14/$1 compared with N413.79/$1 it traded on Thursday.

Also, the domestic currency declined against the Pound Sterling yesterday by 60 kobo to sell at N561.12/$1 versus the preceding day’s value of N560.44/$1 and against the Euro, the Nigerian currency, however, appreciated by 29 kobo to sell at N468.02/€1 in contrast to N468.31/€1 of the preceding session.

At the cryptocurrency market, there was a recovery yesterday as six of the 10 digital coins tracked by Business Post across the various trading platforms closed in the positive territory.

Dash (DASH) appreciated by 8.0 per cent to trade at N74,260.10, Dogecoin (DOGE) improved by 1.9 per cent to sell at N91.29, Tron (TRX) recorded a 1.3 per cent increase to sell at N38.51, Binance Coin (BNB) gained 0.9 per cent to trade at N186,439.14, the US Dollar Tether (USDT) rose by 0.5 per cent to sell for N573.00, while Cardano (ADA) appreciated by 0.3 per cent to trade at N719.27.

However, Ethereum (ETH) recorded a loss of 16.1 per cent to sell at N1,700,000.00, Litecoin (LTC) moved down by 12.2 per cent to trade at N75,933.66, Bitcoin (BTC) depreciated by 2.1 per cent to trade at N23, 493,479.32, while Ripple (XRP) went down by 2.0 per cent to trade at N428.74.