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Naira Appreciates at I&E Amid 1.3% Rise in FX Transactions

The Naira appreciated against the United States Dollar on Tuesday by 0.31 per cent or N1.33 at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market to close at N419.00/$1 compared with Monday’s rate of N420.33/$1.

The appreciation in the value of the Naira happened amid a slight increase in FX transactions at the investors’ window, according to data from the FMDQ Securities Exchange.

The forex turnover recorded yesterday was $87.06 million, 1.3 per cent or $11.81 million higher than the $75.25 million achieved in the preceding trading day.

Also, the Nigerian Naira appreciated against the Dollar by 0.16 per cent or N1 at the peer-to-peer (P2P) market segment to N617/$1 from the N618/$1 recorded in the previous session.

It was a similar situation for the local currency at the interbank segment of the market as it gained N3.07 against the Pound Sterling to trade at N519.77/£1 in contrast to the previous day’s N522.84/£1.

However, the domestic currency depreciated against the Euro yesterday by N2.70 to settle at N445.65/€1 compared with the N442.95/€1 it was transacted on Monday.

A look at the digital market indicated that the bulls are gradually making a comeback as seven of the 10 benchmarked currencies tracked by Business Post were bullish.

TerraUSD (UST), after its recent crisis, recovered 7.4 per cent to sell at $0.0694, Bitcoin (BTC) gained 2.4 per cent to trade at $30,079.34, Litecoin (LTC) appreciated by 1.4 per cent to $70.68, Binance Coin (BNB) also recorded a 1.4 per cent appreciation to trade at $333.62, Ethereum (ETH) saw a 0.7 per cent rise to finish at $2,002.84, Cardano (ADA) grew by 0.4 per cent to $0.5245, while the US Dollar Tether (USDT) recorded a 0.01 per cent topping in its value to sell for $0.9991.

On the losers’ end, Solana (SOL) went down by 0.7 per cent to trade at $49.61, Ripple (XRP) depreciated by 0.6 per cent to trade at $0.4102, while Dogecoin (DOGE) went down 0.6 per cent to sell at $0.0836.

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