Naira Trades Flat at I&E, Black Market

By Adedapo Adesanya

The Naira maintained stability against the US Dollar at both the Investors and Exporters (I&E) and the unregulated segments of the foreign exchange market on Friday, April 23.

At the I&E window, the local currency was traded at the same rate it was exchanged at the previous session, N410/$1 on the back of a decline in the demand for FX.

During the session, the turnover at the market segment went down by $76.03 million or 237.5 per cent to $32.01 million from the previous day’s turnover of $108.04 million.

At the parallel market, the Naira traded flat against the greenback at N485/$1 but lost N2 against the British Pound Sterling to sell for N672/£1 compared to N670/£1 it was sold on Thursday.

However, the Nigerian currency performed well against the Euro at the black market as it gained N1 to close at N577/£1 compared to N578/£1 it was transacted a day earlier.

At the interbank segment of the market, the Central Bank of Nigeria (CBN) maintained the rate it auctioned the FX to commercial banks at N379/$1 last Friday.

Slight Recovery at the Cryptocurrencies Market

Meanwhile, at the cryptocurrency market, the space was mixed as the digital currencies tracked by Business Post moved in different directions.

The Bitcoin (BTC) lost 0.7 per cent to trade at N24,643,980.95; the Ripple (XRP) depreciated by 3.1 per cent to trade at N581.18; while the Tron (TRX) went down by 4.2 per cent to sell at N54.50.

However, the Ethereum (ETH) appreciated by 7.3 per cent to sell at N1,179,125.50; the Dash (DASH) gained 5.9 per cent to sell at N130,743.60; the US Dollar Tether (USDT) went up by 1.8 per cent to quote at N506.00; while the Litecoin (LTC) grew by 3.7 per cent to trade at N118,038.00.