Naira Trades Flat Against Dollar Across FX Segments

January 16, 2021
FX Market Segments

By Adedapo Adesanya

The Naira was stable against the US Dollar across all the segments of the forex exchange (FX) market on Friday, January 15.

The local currency, at the Investors and Exporters (I&E) window, traded flat against the greenback to finish N394.67/$1, the same rate it was sold on Thursday.

At the same market window yesterday, the pressure on the domestic currency eased as the turnover for the session reduced by 81.3 per cent or $175.32 million to $40.31 million from the previous day’s $215.63 million, according to data obtained by Business Post.

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 on Friday.

It was a similar outcome at the interbank window of the forex market as the Central Bank of Nigeria (CBN) still auctioned the greenback to commercial banks at N379/$1.

At the black market, the local currency also closed flat against the US Dollar yesterday at N475/$1. It also traded flat against the Euro at N580/€1 but depreciated by N2 against the Pound Sterling at the same unregulated market to settle at N642/£1 compared to N640/£1 it traded at the previous session.

At the cryptocurrency market yesterday, the majority of the digital coins tracked by Business Post turned bearish, with the Bitcoin depreciating by 5.7 per cent to trade at N17,530,199.25.

The Ethereum lost 4.2 per cent to sell at N566,301.99, Litecoin (LTC) depreciated by 3.4 per cent to trade at N69,000.01, Dash (DASH) went southwards by 5.8 per cent to close at N61,255.65, Ripple (XRP) further dipped by 4.7 per cent in value to sell at N139.30, while the US Dollar Tether (USDT) slid by 0.6 per cent to sell at N485.00.

The only price riser on Friday was the Tron (TRX), which went up by 0.8 per cent to sell for N14.80.

Adedapo Adesanya

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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