Nigerian Currency Gains 37 Kobo at Investors’ Window, Sells at N385.63/$1

By Adedapo Adesanya

The Naira came out stronger against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Monday, November 2, gaining 37 kobo or 0.10 per cent to close at N385.63/$1 compared to N386/$1 it sold previously.

This came on the back of a drop in investors’ appetite for the greenback as they demanded Dollars worth $104.20 million, according to data from the FMDQ Securities Exchange.

This indicated that demand was down by 106.1 per cent, equivalent to $110.58 million, as the previous day’s turnover stood at $214.78 million.

At another segment of the FX market on Monday, the black market, the local currency lost N1 against the United States Dollar as it closed at N463/$1 compared with N462/$1 it traded at the preceding session.

However, it played out differently against the two other major foreign currencies at the parallel market as it appreciated by N1 against the Pound Sterling to finish at N595/£1 versus N596/£1 of the prior session while against the Euro, it gained N2 to close at N540/€1 in contrast to N542/€1 it traded at the preceding session.

At the Bureaux De Change (BDC) window, the Nigerian currency remained stable against the greenback yesterday at N386/$1, the rate the Central Bank of Nigeria (CBN) authorised operators at the segment to sell the Dollar to their customers.

At the interbank segment, the exchange rate window used by the government for its transactions, the value of the Naira against the American currency remained unchanged at N379/$1 at the close of business on Monday.

Meanwhile, at the cryptocurrency market, it was not a positive day for Bitcoin traders, who counted their losses as the value of the digital currency faced south, according to data sourced by Business Post from Quidax.

The value of the Bitcoin (BTC) depreciated by 0.25 per cent on Monday to sell at N6,349,843.67, the Ethereum (ETH) sold for N181,435.99 after going down by 0.08 per cent, while the Ripple (RPX) declined by 0.87 per cent to trade at N109.17.

In addition, Dash (DASH) dropped 2.46 per cent to trade at N31,114.32, Litecoin (LTC) went down by 0.51 per cent to settle at N25,468.84, Tether (USDT) slipped by 0.6 per cent to quote at N467.90, while Tron (TRX) depreciated by 0.42 per cent to close at N11.87.