Value of Naira Remains Unchanged Across FX Segments

By Adedapo Adesanya

The value of Naira remained unchanged against the United States Dollar across the major foreign exchange (FX) segments on Friday, June 26.

At the Investors and Exporters (I&E) window of the forex market, the local currency retained the previous exchange rate of N411.67/$1 despite coming under marginal demand pressure.

The availability of FX to meet the requests of the customers supported the stability the Nigerian currency had against the greenback at the last trading session of the week.

Data obtained by Business Post from the FMDQ Securities Exchange showed that the turnover for the session increased by 4.6 per cent or $5.06 million to $114.53 million from the $109.47 million recorded at the preceding day.

Also, at the unregulated segment of the market, the Naira traded flat against the American currency yesterday at N500/$1 and also closed flat against the Pound Sterling at the same window at N710/£1 but depreciated against the Euro by N5 to close at N600/€1 in contrast to N595/£1 it was sold at the prior trading day.

A look at the interbank window indicated that the domestic currency also maintained stability against the American Dollar on Friday at N410.17/$1, according to data obtained from the Central Bank of Nigeria (CBN).

Bears Takeover Crypto Amid Regulatory Troubles

Meanwhile, the cryptocurrency market came under pressure again on Friday as global central banks have intensified their criticism of cryptocurrencies as the battle over the monetary system escalates.

Countries like China and Italy recently argued against digital tokens, claiming they work against the public good and this is making holders of the assets offload them out of fear.

Yesterday, the seven digital coins tracked by Business Post were in bearish territory, with the Bitcoin (BTC) going down by 5.1 per cent to trade at N16,510,880.17.

Ethereum (ETH) lost 0.8 per cent to sell at N988,040.00, Ripple (XRP) went south by 9.8 per cent to trade at N311.30, while the Dash (DASH) declined by 0.2 per cent to trade at N66,846.00.

Also, Litecoin (LTC) depreciated by 0.6 per cent to quote at N68,190.00, the United States Dollar Tether (USDT) lost 0.3 per cent to sell at N505.99, while Tron (TRX) went down by 8.1 per cent to trade at N31.18.