Naira Trades Flat Despite 173.1% Jump in Dollar Demand

By Adedapo Adesanya

There was a sharp rise in the demand for the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange market on Tuesday, November 10.

According to the FMDQ Securities Exchange, a platform that tracks transactions at the market window, the demand for the foreign currency yesterday jumped by 173.1 per cent or $89.33 million.

Business Post gathered that at the close of transactions for the day, trades valued at $140.95 million were recorded compared with the previous session’s $51.62 million.

It was keenly observed that despite this significant rise in the daily turnover at the investors’ window yesterday, the value of the Naira compared to the Dollar remained stable at N385.67/$1.

This stability was extended to the parallel market, where the domestic currency traded flat against the greenback yesterday at N465/$1. The Nigerian currency also traded flat against the Euro at N543/€1, but appreciated by N2 against the Pound Sterling to quote at N596/£1 in contrast to the previous rate of N598/£1.

At the interbank window of the forex market, the value of the Naira to the US Dollar remained at N379/$1, while at the Bureaux De Change (BDC) segment, the value also closed flat at N386/$1.

Meanwhile, at the cryptocurrency market on Tuesday, the rates of the digital money appreciated across all the seven currencies tracked by Business Post on Quidax, a platform used for trading cryptocurrencies in Naira in Nigeria.

The popular Bitcoin (BTC) rose by 1.3 per cent to sell at N7,190,012.82, Ethereum (ETH) recorded a 3.0 per cent rise to N215,506.07, Litecoin (LTC) appreciated by 2.3 per cent to N27,900.00, while Dash (DASH) gained 3.1 per cent to trade at N32,169.79.

In addition, the Ripple (XRP) pointed north by 3.7 per cent to sell at N120.40, the US Dollar Tether (USDT) moved up by 0.8 per cent to trade at N464.58, while the Tron (TRX) went up by 0.3 per cent to sell at N11.71.