Naira Trades N395/$1 at I&E, N480/$1 at Black Market

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By Adedapo Adesanya, Ahmed Rahma

The Naira depreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Tuesday, February 2.

According to data gathered from the FMDQ Securities Exchange, the Nigerian currency depreciated against the greenback by N1 or 0.25 per cent to trade at N395/$1 in contrast to N394/$1 it traded on Monday.

A spike in the demand for FX at the segment contributed to the depression the domestic currency suffered yesterday as transactions worth $71.25 million were recorded as against the $28.85 million achieved the preceding session, indicating a $42.4 million or 146.9 per cent increase in the daily turnover.

However, at the unregulated segment of the market, the local currency further maintained stability against the American currency on Tuesday, closing at N480/$1.

Also, according to data obtained by Business Post from AbokiFX, the Naira also traded flat against the Pound Sterling and the Euro at the same black market to trade at N655/£1 and N580/£1 respectively.

Equally, the domestic currency sustained the stability it has enjoyed against the Dollar at the Bureaux De Change (BDC) segment of the market, closing at N395/$1.

In the same vein, the Nigerian currency further closed flat against the greenback at the interbank window of the forex market, trading at N379/$1 at the close of transactions yesterday.

A look at the cryptocurrency market showed that there was a jump in the value of the major digital tokens at the space with the Litecoin (LTC) gaining 14.8 per cent to sell at N74,288, while the Ethereum (ETH) gained 12.5 per cent to trade at 744,097.

Bitcoin pulled a 6.8 per cent gain to sell at N17,356,875, Dash (DASH) appreciated by 7.2 per cent to sell for N53,771.57 while Tron (TRX) recorded a 1.3 per cent rise to trade at N16.26.

However, the Ripple (XRP) depreciated by 2.7 per cent to sell at N178, while the US Dollar Tether (USDT) slid by 0.8 per cent to sell for N484.

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