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Naira Sustains Stability Against Dollar, Trades N415.10/$1



By Adedapo Adesanya

For the fourth straight session, the Naira traded flat against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Wednesday.

The Naira, despite coming under a significant forex demand yesterday at the market, it maintained its stability against the greenback to close at N415.10/$1, the same exchange rate on Tuesday.

Data showed that the value of transactions recorded at the midweek trading session stood at $298.88 million and when compared with the preceding day’s turnover, it was $236.35 million or 377.9 per cent higher as trades worth $62.53 million were executed a day earlier.

However, at the interbank segment, the Nigerian currency was not too lucky as it depreciated against the American Dollar on Wednesday by 14 kobo to sell for N411.57/$1 in contrast to N411.43/$1 it was exchanged on Tuesday.

But the domestic currency closed flat against the Pound Sterling at the investors’ FX market window at N552.55/£1 and also closed flat against the Euro at N471.09/€1.

Meanwhile, at the digital currency market, a majority of the cryptocurrencies tracked by Business Post were bullish as the market aims to find its footing after fear of taxation and regulation affected it recently.

Tron (TRX) appreciated by 4.6 per cent to trade at N62.49, Bitcoin (BTC) gained 1.5 per cent to sell at N33,081,593.45, Litecoin (LTC) rose by 0.6 per cent to trade at N129,177.28, Dogecoin (DOGE) improved by 0.3 per cent to sell at N142.38, Binance Coin (BNB) jumped by 0.2 per cent to quote at N237,333.05, while Dash (DASH) fell by 0.1 per cent to sell for N112,000.

When flipped to the other side, the US Dollar Tether (USDT) topped the laggards after its value depreciated by 0.6 per cent to finish at N548.57, Ethereum (ETH) suffered a 0.5 per cent loss to trade at N2,347,487.79, Ripple (XRP) dropped 0.3 per cent to trade at N603.00, while Cardano (ADA) also retreated by 0.3 per cent to N1,125.12.

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