Nigerian Currency Gains N1.35 Against Dollar

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By Adedapo Adesanya

The Nigerian currency recorded a gain of N1.35 or 0.33 per cent against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Thursday, September 30, 2021.

Data sourced by Business Post showed that the Nigerian Naira was traded at the market segment at N413.38/$1 as against N414.73/$1 it was sold at the previous session.

The sufficient supply of forex to the investors’ window as well as a decline in the demand for foreign currencies supported the gains posted by the local currency yesterday.

It was observed that trades valued at $141.13 million were carried out at the session compared with the $467.56 million executed at the preceding trading day, indicating a decline by 69.8 per cent or $326.43 million.

At the interbank window, the exchange rate of the Naira to the American currency remained flat on Thursday at N410.8/$1.

At the parallel market, this newspaper gathered that those who could not access FX at the I&E window bought the Dollar at N580/$1, the same rate it was traded on Wednesday.

Also, the Naira maintained stability against the Pound Sterling and the Euro at the unregulated FX market at N780/£1 and N680/€1 respectively.

Meanwhile, transactions were mixed at the cryptocurrency market yesterday as six of the 10 digital currencies tracked by Business Post closed higher.

Bitcoin (BTC) appreciated by 3.9 per cent to trade at N24,750,065.41, Tron (TRX) grew by 1.7 per cent to sell at N50.21, Dash (DASH) gained 1.5 per cent to sell at N92,275.40, Ethereum (ETH) improved by 0.7 per cent to quote at N1,702,205.08, Litecoin (LTC) added 0.4 per cent to its value to sell for N87,026.03, while Dogecoin (DOGE) made a 0.1 per cent gain to trade N122.05.

On the negative side, Ripple (XRP) skid by 1.2 per cent to trade at N542.66, the duo of Cardano (ADA) and the United States Dollar Tether depreciated by 1.1 per cent to N1,226.39 and N566.70 respectively, while Binance Coin (BNB) lost 0.5 per cent to trade at N157,139.38.

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