Naira Loses 88 Kobo At I&E Amid Low Trades

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It was a bad day for the Nigerian Naira at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Thursday.

This was because the Naira depreciated against the United States Dollar at the market window by 88 kobo or 0.21 per cent despite the low trades witnessed during the session.

According to data from the FMDQ Securities Exchange, the Nigerian currency closed at the I&E window yesterday at N411.83/$1 in contrast to N410.95/$1 it traded on Wednesday.

This occurred despite the turnover for the day depreciating significantly by $137.09 million or 60.4 per cent as transactions worth $89.89 million were executed in contrast to the $226.98 million achieved at the preceding session.

At the interbank segment of the FX market, the local currency slightly appreciated against the American currency by one kobo to sell at N410.14/$1 compared with the previous day’s rate of N410.15/$1.

But at the parallel market, the local currency traded flat against the greenback at N502/$1 on Thursday and appreciated by N2 against the Pound Sterling to close at N713/£1 versus the previous N715/£1. It also gained N1 against the Euro at the black market to quote at N606/€1 in contrast to N607/€1 it traded on Wednesday.

Bears Visit Cryptocurrencies

Unlike the preceding session, the cryptocurrency market was volatile yesterday as the bears made a visit to the ecosystem, disrupting proceedings.

Six of the seven digital currencies tracked by Business Post on the popular crypto trading platform, Quidax, pointed south at the close of business.

The digital assets have this year faced authoritative actions on the trading and use of cryptocurrencies which have dampened the mood towards its acceptance.

The Bitcoin (BTC) lost 1.9 per cent to sell at N18,480,531.39, Ethereum (ETH) went down by 4.3 per cent to trade at N1,200,000.00, while Ripple (XRP) lost 1.9 per cent to quote at N436.14.

Also, Litecoin (LTC) depreciated by 0.6 per cent to sell at 85,499.00, Tron (TRX) recorded a 2.7 per cent slip to trade at N36.51, while the US Dollar Tether (USDT) went down by 0.4 per cent to sell for N513.91.

However, the Dash (DASH) appreciated by 1.7 per cent to sell for N84,504.01.

– Business Post

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