Pressure drops Naira rate to N414.73/$ at I&E

The Naira suffered a set back at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Wednesday as it dropped against the US Dollar by 23 kobo or 0.06 per cent to close at N414.73/$1 as against the N414.50/$1 it traded on Tuesday.

Investors high demand for Forex at the I&E market, according to data from the FMDQ Securities Exchange, caused traders to ration what they had leading to a fall in the value of the local currency.

The FMDQ data shows that transactions worth $467.56 million were carried out at the window yesterday, 226.2 per cent or $339.88 million more than the $127.68 million recorded the day before.

Similarly at the interbank segment of the market, the Naira also depreciated by 3 kobo or 0.01 per cent against the US Dollar as it traded at N410.80/$1 against the N410.77/$1 it transacted at the preceding trading day, according to data on the website of the Central Bank of Nigeria (CBN).

Business Post reports that at the parallel market, from Forex dealers on the streets of Lagos, the value of Naira to the Dollar depreciated to N580/$1 on Wednesday.

It was also observed that the Nigerian local currency was traded yesterday at the black market against the Pound Sterling at N780, while the Euro was sold at N680.

At the cryptocurrency market, transactions continued to be volatile despite an attempt to recover from the shakeup brought about by China’s latest regulatory push.

Bitcoin (BTC) lost 0.9 per cent to trade at N23,779,610.94, the US Dollar Tether (USDT) depreciated by 1.2 per cent to sell for N572.10, Ethereum (ETH) went down by 0.3 per cent to sell at N1,689,890.00, while Dogecoin (DOGE) lost 0.2 per cent to sell at N117.41.

Litecoin (LTC) however, made a 4.1 per cent gain to trade at N86,647.60, Dash (DASH) jumped 3.6 per cent to N90,893.80, Binance Coin (BNB) rose by N149,366.80, Ripple (XRP) went up by 0.6 per cent to trade at N535.14, Tron (TRX) appreciated by 0.4 per cent to sell at N49.24, while Cardano (ADA) improved by 0.2 per cent to sell at N1,226.04.


Source: Adedapo Adesanya of Business Post

Author: abokimallamfx