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Naira Appreciates to N410.95/$ at I&E as Bitcoin Surges

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By Adedapo Adesanya

The Naira traded stronger against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Wednesday.

The currency, according to data obtained by Business Post, appreciated by 0.13 per cent or 55 kobo at the market segment to close at N410.95/$1 in contrast to the previous session’s N411.50/$1.

The Nigerian currency had witnessed two straight sessions of losses, causing some traders to panic but the sufficient supply of FX to banks by the Central Bank of Nigeria (CBN) ensured that dealers were able to meet the demands of their customers.

This was reflected in the turnover for the day, which increased by $164.19 million or 261.5 per cent as transactions worth $226.98 million were recorded at the midweek session in contrast to the $62.79 million recorded on Tuesday.

But despite the FX demand pressure, the domestic currency finished stronger as a result of the availability of FX.

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.

The domestic currency traded flat against the greenback at N502/$1 and closed flat against the British currency at N715/£1 but lost N2 against the Euro to close at N607/€1 in contrast to N605/€1 it settled a day before.

At the interbank segment of the market, the Nigerian currency made no movement against the American Dollar as it was sold at N410.15/$1.

Renewed Interest Drives Crypto Up

At the cryptocurrency market, renewed confidence in the assets tracked by Business Post caused the value of the Bitcoin (BTC) to grow by 14.3 per cent to N18,773,560.37.

Ethereum (ETH) appreciated by 0.4 per cent to sell at N1,254,268.05, Ripple (XRP) rose by 1.8 per cent to trade at N445.00, while Litecoin (LTC) grew by 6.3 per cent to sell for N86,000.

In addition, the Tron (TRX) appreciated by 0.7 per cent to sell for N37.53, while the United States Dollar Tether (USDT) went up by 0.2 per cent to sell at N516.09.

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