Nigerian Naira Appreciates to N411.25/$ at I&E – The Nigerian Naira (NGN) strengthened against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Thursday.
At the market monitored by Financial Watch yesterday, the Naira gained by 20 kobo or 0.05 per cent against the US dollar to close on Thursday, July 8 at N411.25/$1 compared with N411.45/$1 it finished on Wednesday.
One of the factors that supported this gain was the decline in the demand for FX at the market window during the session.
According to data sourced from the FMDQ Securities Exchange, the turnover for the day stood at $84.06 million, $176.45 million or 67.7 per cent lower than the $260.51 million recorded a day earlier.
However, at the parallel market, the Naira maintained its stability against the US Dollar and the Euro but appreciated against the Pound Sterling.
The domestic currency remained at N503/$1 and N593/€1 but gained N2 against the Pound to finish at N708/£1 compared with the previous day’s N710/£1.
At the interbank segment of the market, the Nigerian currency closed against the American Dollar at N410.11/$1 in contrast to N410.12/$1 of the preceding session, indicating that it appreciated by one kobo.
Cryptocurrencies get stocked in Bearish Territory
Meanwhile, the cryptocurrency market remained bearish yesterday as six out of the seven tokens tracked by Business Post on Quidax depreciated in value as investors’ appetite for the assets continues to wane.
Bitcoin (BTC) went south by 0.6 per cent to trade at N16,708,287.03, Ethereum (ETH) recorded a 3.6 per cent depreciation to sell at N1,128,400.00, while Ripple (XRP) dipped by 6.3 per cent to trade at N308.24.
Furthermore, Litecoin (LTC) made a 3.8 per cent loss to trade at N65,404.08, Tron (TRX) depreciated by 0.9 per cent to sell at N31.51, while the US Dollar Tether (USDT) depreciated by 0.9 per cent to sell for N510.03.
The only gainer at the session was the Dash (DASH), which made a 3.8 per cent appreciation to trade at N69,940.00.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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