Nigerian Currency Appreciates by 0.13% at Investors Window

By Adedapo Adesanya

The Nigerian currency closed stronger against the United States Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Wednesday.

During the session, the Naira appreciated by 52 kobo or 0.13 per cent to sell for N411.23/$1 in contrast to N411.75/$1 it traded at the preceding day.

According to data from the FMDQ Securities Exchange, the local currency reported a better performance at the midweek session despite a significant increase in the demand for FX.

It was observed that yesterday, transactions worth $213.99 million were recorded at the close of business compared with $116.15 million recorded on Tuesday. This showed that the turnover increased by $97.84 million or 84.2 per cent.

Meanwhile, at the parallel market, the value of the Naira remained unchanged against the US Dollar and the Pound Sterling but depreciated against the Euro.

When trading activities closed for the day at the unregulated FX market segment, the domestic currency remained at N505 per Dollar and N708 per Pound.

But against the Euro, the Naira lost N1 as it closed at N596/€1 versus N595/€1 of the previous trading session at the black market.

At the interbank segment of the market, the Nigerian currency depreciated against the American Dollar by 2 kobo to close at N410.13/$1 compared to N410.11/$1 it ended on Tuesday.

Bitcoin Rise as Cryptos Remain in Bearish Territory 

At the cryptocurrency market on Wednesday, the majority of the currencies monitored by Business Post on Quidax remained in the bearish territory.

But the Bitcoin (BTC) recorded a 0.6 per cent growth to trade at N16,695,906.34, while the Dash (DASH) made a 3.1 per cent jump to trade at N65,799.00.

As for Ethereum (ETH), it recorded a 2.9 per cent depreciation to sell at N1,009,187.00, Ripple (XRP) dipped by 2.6 per cent to trade at N310.01, Litecoin (LTC) made a 4.9 per cent loss to trade at N63,201.00, Tron (TRX) depreciated by 0.1 per cent to sell at N30.49, while the US Dollar Tether (USDT) depreciated by 1.5 per cent to sell for N519.98.