Connect with us

Business News

Naira Gains 30 kobo Amid Slide in FX Turnover at I&E



By Adedapo Adesanya

The Naira gained 30 kobo or 0.07 per cent against the American currency at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Thursday, November 18.

At the specialised market, the domestic currency was traded at N414.80/$1 in contrast to the N415.10/$1 it was traded at the preceding session, where it closed flat for the fourth trading day.

The strengthening of the Nigerian currency occurred in the midst of a decline in the FX turnover at the market window by 69.8 per cent or $208.7 million as trades worth $90.18 million were executed compared with the $298.88 million carried out at the midweek session.

However, at the interbank window, the local currency depreciated against the UD Dollar on Thursday by 2 kobo to close at N411.59/$1 compared with the previous day’s N411.57/$1.

Also, against the Pound Sterling, the domestic currency depreciated by N1.59 yesterday to trade at N554.14/£1 versus N552.55/£1 it was traded a day earlier but it appreciated by N4.90 against the Euro to sell for N466.19/€1 in contrast to Wednesday’s closing price of N471.09/€1.

At the digital currency market, the bears have refused to back down as nine of the 10 tokens tracked by Business Post recorded losses on Thursday.

The market is reacting to moves to surveil cryptocurrency transactions in the infrastructure package American President Joe Biden signed into law on Monday.

The law will require crypto brokers to track and report transactions to the Internal Revenue Service (IRS) in an effort to give tax authorities more visibility into virtual currency trades.

This development further dragged down Litecoin (LTC) by 12.2 per cent to N114,000.01 and weakened Tron (TRX) by 6.8 per cent to settle at N57.80.

Dash (DASH) lost 6.7 per cent to trade at N99,352.35, Bitcoin (BTC) depreciated by 6.1 per cent to N31,159,542.80, Ripple (XRP) fell by 4.1 per cent to N585.06, Dogecoin (DOGE) declined by 1.9 per cent to sell at N135.77, Cardano (ADA) went south by 1.4 per cent to trade at N1,045.28, Ethereum (ETH) dropped 1.0 per cent to sell at N2,210,000.00, while Binance Coin (BNB) lost 0.7 per cent to trade at N218,979.33.

However, the US Dollar Tether (USDT) appreciated by 0.9 per cent to sell for N553.99.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News8 mins ago

Gunmen demand N35m ransom to free Ondo principal, VP, teachers

Local22 mins ago

UNILAG to host 10,000 students, 136 universities

News32 mins ago

Greed factor: Why Nigerians are losing billions to get-rich-quick investment frauds

Local44 mins ago

Nigerian Army gathers influencers for “modern warfare” on social media

News54 mins ago

How N17bn Paris Club refund landed Obiano on EFCC’s watch list

Local1 hour ago

Why snakes enter toilets and natural remedies to scare them away from homes

News1 hour ago

Copyright infringement, defamation major problems in showbiz —Candy Mamalouk

Local1 hour ago

Why Nigerian founders attracted $900 million investment: Emefiele

Politics2 hours ago

Bianca Ojukwu sends ‘important’ message to Buhari over Nnamdi Kanu

News2 hours ago

Economic plan saved 1.3 million jobs, says FG

Local2 hours ago

IPOB agitation fuelled by marginalisation; Nnamdi Kanu should be released: Bianca Ojukwu

Politics2 hours ago

CONFIRMED: Tinubu contesting for president in 2023 – elder statesman

News2 hours ago

Railway police command CP moves to eject 200 families from Lagos barracks Monday

Local2 hours ago

Kwara United beat Oluyole Spikers; Kada Kings down ABM

News2 hours ago

I feel like committing suicide whenever I see photos of my two daughters kidnapped since 2009 – 64-year-old Rivers retiree

Local3 hours ago

NMA seeks establishment of Health Bank

News3 hours ago

Fuel hike: Nigerian students threaten nationwide shutdown

News3 hours ago

Weekly diaspora remittances rise to $100m, says Emefiele

Local3 hours ago

FG to begin mass demolition in FESTAC

News3 hours ago

Obaseki, stakeholders seek policies to attract gas investment

Local21 hours ago

Netflix invites Nigerians to scriptwriting programme

News21 hours ago

Accountability will remain PDP’s watchword, promises Ayu

News22 hours ago

Rema faults DJ Neptune for releasing his song without permission

Health21 hours ago

The #1 Best Holiday Food to Eat for a Flat Belly, Says Dietitian

News13 hours ago

Uganda risks losing only international airport over Chinese loan

World14 hours ago

India: Islamic scholar says Muslims should stay away from malls, Allah dislikes them, women look at men

Entertainment18 hours ago

“Does Google read minds too?” – Reality TV star, Erica left shocked by an experience in Dubai

Entertainment21 hours ago

Naira Marley’s sister, Subomi buys herself a Mercedes Benz GLK

World21 hours ago

California County Mandates Masks for Private Thanksgiving Celebrations at Home

Business News21 hours ago

Reminiscing on the Loss of a Friend, Dreams Deferred, and Bold New Beginnings

Local10 hours ago

NDLEA arraigns two men for dealing in 789kg cannabis

Business News22 hours ago

Malawi, Mozambican Agree to Strengthen Economic Relations

Local13 hours ago

Enugu has 152,243 stunted children: UNICEF

News17 hours ago

Nigeria Air: FG to float IPO, begins operations with three planes

Local14 hours ago

Over 3.4 million persons fully vaccinated against COVID-19 in Nigeria: NPHCDA

Local11 hours ago

Police arrest female for supplying arms to Zamfara bandits

Business News22 hours ago

Poor Leadership: Principal or Instrumental Explanation for Nigeria’s Underdevelopment?

Entertainment17 hours ago

“My dad cut me off all financial support after I got pregnant in college” – Actress, Adunni Ade reveals

Business News22 hours ago

Stanbic IBTC Capital Assures Clients More Innovative Solutions

Metro16 hours ago

Kim Jong Un bans leather coats to stop citizen copying his look