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Nigerian Currency Soaks High Forex Demand Pressure, Gains 27 Kobo

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By Adedapo Adesanya

The Naira gave the United States Dollar a bloodied nose at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Tuesday, coming out stronger at the close of transactions.

Business Post reports that the Nigerian currency, despite coming under a high forex demand pressure at the market window, appreciated against the greenback yesterday by 27 kobo or 0.06 per cent to settle at N414.80/$1 in contrast to N415.07/$1 it closed on Monday.

Data from the FMDQ Securities Exchange showed that the request for FX was significantly higher on Tuesday as transactions worth $279.37 million were recorded compared with the $69.63 million recorded the previous day.

This indicated that the turnover for the day increased by 301.2 per cent or $209.7 million but the availability of forex to meet the demand kept the value of the domestic stable.

However, it was a different story at the interbank segment, where the local currency suffered a one kobo loss against the American currency to trade at N411.64/$1 compared with the preceding session’s N411.63/$1.

But it gained N3.32 against the British Pound Sterling to quote at N550.07/£1 versus Monday’s value of N553.39/£1 and appreciated by N1.06 against the Euro to sell at N463.09/€1 compared with N464.15/€1.

At the cryptocurrency market, eight of the 10 tokens tracked on Tuesday closed bullish and this was buoyed by the recovering from the recent market price corrections which occurred over fears of regulation and taxation.

Business Post reports that crypto investment products saw inflows last week, according to data from digital asset manager CoinShares.

Tron (TRX) appreciated by 8.6 per cent to sell at N61.97, Binance Coin (BNB) gained 6.2 per cent to trade at N243,424.59, Litecoin (LTC) rose by 5.1 per cent to quote at N125,632.18, while Bitcoin (BTC) jumped by 3.8 per cent to N32,660,657.68.

In addition, Dogecoin (DOGE) moved up by 3.2 per cent to sell at N134.69, Dash (DASH) improved by 2.5 per cent to trade at N110,000.00, Ethereum (ETH) recorded a 2.1 per cent appreciation to sell at N2,400,998.99, while the US Dollar Tether (USDT) gained 2.1 per cent to sell for N594.00.

However, Ripple (XRP) recorded a 3.0 per cent dip to trade at N594.00, while Cardano (ADA) went south with a 0.5 per cent loss to finish at N1,026.59.

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