Adedapo Adesanya
By Adedapo Adesanya
The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market by 0.16 per cent or 67 kobo on Monday, January 31, indicating a strong month for the local currency.
The domestic currency was sold for N415.33/$1 at theI&E yesterday compared with N416.00/$1 it was traded at the preceding trading session, which was last Friday.
The strengthening of the Nigerian currency was bolstered by a decline in FX turnover at the market window yesterday as the value of trades weakened 16.9 per cent or $13.78 million.
Business Post reports that at the opening trading session of the week, a turnover worth $95.07 million was recorded as against the $81.29 million worth of transactions published at the preceding session.
Also, the domestic currency recorded a good performance against the greenback at the interbank segment of the market on Monday as it gained 7 kobo to close at N416.26/$1 versus N416.33/$1 it was quoted last Friday at the same market segment.
However, the local currency depreciated by 61 kobo against the Pound Sterling to sell for N557.99/£1 compared with the previous N557.38/£1 and Naira traded weaker by 67 kobo against the Euro at N464.25/€1 compared to N463.58/€1 of the preceding trading day.
At the cryptocurrency market, nine of the 10 digital coins were in the positive territory, with Dash (DASH) recording the biggest gain of 2.7 per cent to trade at N54,345.29.
Ripple (XRP) appreciated by 2.4 per cent to sell for N354.86, Tron (TRX) recorded a 1.3 per cent gain to sell at N34.02, Litecoin (LTC) moved up by 1.3 per cent to trade at N63,233.74, Cardano (ADA) improved by 1.2 per cent to N607.70, while Dogecoin (DOGE) added 1.1 per cent to quote at N81.85.
Further, the US Dollar Tether (USDT) mounted a 0.6 per cent appreciation as it sold for N580.07, Bitcoin (BTC) grew by 0.3 per cent to close at N21,864,647.72, while Ethereum (ETH) rose by 0.3 per cent to close at N1,535,000.00.
The sole price loser for the session was Binance Coin (BNB) as it fell by 0.6 per cent to N156,109.75.
