Connect with us

Business News

Naira Closes Flat Amid 122.9% Surge in Forex Transactions

Published

on

By Adedapo Adesanya

The Investors and Exporters (I&E) window of the foreign exchange (FX) market in Nigeria witnessed a significant surge in the value of transactions on Thursday, January 13, 2022.

Data obtained by Business Post showed that forex transactions at the market segment increased by 122.9 per cent or $95.38 million yesterday as trades worth $172.99 million were carried out compared with the $77.61 million executed a day earlier.

But despite this significant increase in FX trades, the value of the Naira to the United States Dollar remained unchanged at the close of business, trading at N416.50/$1, the same rate of the preceding session.

The availability of FX to meet the demands of customers was responsible for the stability the local currency had against its American counterpart during the session.

However, it was not a similar scenario at the interbank segment of the market, where the domestic currency depreciated against the greenback yesterday by 18 kobo or 0.04 per cent to trade at N414.79/$1 in contrast to N414.61/$1 of the previous day.

In the same vein, the Nigerian currency depreciated against the Pound Sterling by N3.72 to trade N569.29/£1 compared with the previous day’s N565.57/£1 and against the Euro, the Naira lost N3.97 to settle at N475.22/€1 versus Wednesday’s rate of N471.25/€1.

Meanwhile, at the digital currency market, the bears took firm control, causing eight of the benchmarked tokens to slide at the close of transactions on Thursday.

Ripple (XRP) depreciated by 4.6 per cent to N458.01, Cardano (ADA) closed 3.7 per cent lower to sell at N728.31, Ethereum (ETH) fell by 3.3 per cent to trade at N1,865,000.00, Litecoin (LTC) declined by 2.9 per cent to N78,259.41, Bitcoin (BTC) crashed by 1.9 per cent to N24,499,998.99, Binance Coin (BNB) recorded a 1.8 per cent fall to trade at N197,975.30, Tron (TRX) slid by 1.7 per cent to sell at N38.15, while Dash (DASH) went down by 1.1 per cent to N78,259.41.

But Dogecoin (DOGE) recorded a 5.7 per cent gain during the session to trade at N100.41, while the United States Dollar Tether (USDT) appreciated by 0.1 per cent to sell at N571.50.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published.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

Local11 mins ago

Buhari, APC governors agreed national convention will hold February: Atiku Bagudu

News11 mins ago

Man arrested for allegedly raping 80-year-old woman in Nasarawa

Sports13 mins ago

Alex Oxlade-Chamberlain Faces An Anxious Wait To Discover The Severity Of The Injury After Scoring Against Brentford

Entertainment25 mins ago

Twitter Stories : Man asks his 22-year-old girlfriend to choose between him and going for her fully-funded MSC abroad.

News31 mins ago

Lagos to partially close Marine Bridge for emergency repairs

Local33 mins ago

APC faces disarray, grappling with crises in 15 states: Osita Okechukwu

Sports37 mins ago

Liverpool Kept Their Premier League Title Hopes Alive With A Win Over Brentford

News49 mins ago

Lagos to divert traffic on Dopemu Road for three months

News51 mins ago

Release Kanu, Igboho, seek political solution, Igbo think tank tells Buhari

Entertainment53 mins ago

“Small boys are plucking off eyes and body parts of young women just to drive Benz” – Actor Okon Lagos condemns the current trend of ‘Money rituals’

Entertainment53 mins ago

“Small boys are plucking off eyes and body parts of young women just to drive Benz” – Actor Okon Lagos condemns the current trend of ‘Money rituals’

Local55 mins ago

NPFL leaders Remo Stars beat Wikki Tourists

News1 hour ago

FG applauds NCC’s commitment to enhancing digital skills in youths

Entertainment1 hour ago

51-year-old Nigerian woman gives birth to twins after over 20 years of waiting

News1 hour ago

Make governors’ forum meetings virtual to prevent spread of COVID-19

News2 hours ago

2023: Women group urges AfDB President Adesina to contest presidency

Entertainment2 hours ago

Nollywood movies are the reason a lot of young boys are doing ritual – Samklef

Entertainment2 hours ago

Banker allegedly commits suicide in Delta a day after posting “I no longer have a mind of my own because I do things I later regret” on Facebook

News2 hours ago

Senator demands probe into death of Ogun five farmers, herders

Technology2 hours ago

Walmart Prepares to Create it’s Own cryptocurrency, and NFTs

Local19 hours ago

‘Shallow thinking’ Nigerians quick to believe lies about me: Babangida

Politics19 hours ago

Sokoto govt spends N2bn on MSMEs development — Tambuwal

Local19 hours ago

Nigerian Army neutralises five terrorists in blow on Boko Haram, ISWAP: Official

Entertainment19 hours ago

Obi Cubana offers Lagos hawker university scholarship, employment

News20 hours ago

“I warned her to be careful with men” – Mother of lady found dead in Jos with her vital organs missing

Sports14 hours ago

Van de Beek was substituted for Bruno Fernandes in the 89th minute in United’s 2-2 draw against Aston Villa on Saturday.

News15 hours ago

NFF doesn’t believe in Nigerian coaches, says Christian Chukwu

Local18 hours ago

Buhari to unveil mega rice pyramids in Abuja

Business News14 hours ago

ASUU Gives February Deadline Before Planned Strike

Politics12 hours ago

Our customers are robbing us, EEDC alleges

Business News15 hours ago

28.7% Drop in I&E Turnover Strengthens Naira to N416.00/$1

News17 hours ago

You’re still living in the ancient days, Tinubu group replies Bode George

Politics17 hours ago

NDLEA intercepts 1.5m tramadol tablets going to Kebbi, Kano, other drugs at Lagos airport, seaport

World15 hours ago

UK: For Telling the Truth About Islam, Jewish Board of Deputies Vice President Compelled to Resign

News19 hours ago

Group seeks redeployment of Delta police officers linked with trafficking

News20 hours ago

Troops neutralise Boko Haram, ISWAP terrorists, recover anti-aircraft gun in Borno

News19 hours ago

NDLEA intercepts 1.5m Tramadol tablets going to Kebbi

Politics18 hours ago

Housing development: OPIC to accommodate more subscribers

Health18 hours ago

This Surprising Eating Habit Is Now The Best for Slimming Down—And It's Easy

Politics15 hours ago

Women affairs ministry budgets N250m for empowerment of women, children

Trending