Market News

Nigerian Currency Trades Flat at I&E, Parallel Market - BUSINESS POST

APRIL 16, 2021

By Adedapo Adesanya

The Naira witnessed no movement in its value against the United States Dollar at both the Investors & Exporters (I&E) and parallel market windows of the foreign exchange (FX) market on Thursday, April 15.

The local currency, which closed on Wednesday at N410.50/$1 at the I&E segment, maintained the same value yesterday at the same market window despite a significant surge in the demand for FX by customers.

According to data sourced by Business Post from the FMDQ Securities Exchange, the day’s turnover increased by $94.24 million or 429.93 per cent as transactions worth $116.16 million were recorded at the session compared with the $21.92 million achieved at the midweek session.

A look at the unregulated segment of the FX market showed that the Nigerian currency maintained its recent stability against the American currency, closing at the market on Thursday at N482/$1.

Also, the domestic currency traded flat against the Euro at N572/€1 but appreciated against the British Pound Sterling by N2 to sell at N670/£1 compared to N672/€1 it traded the previous day.

At the interbank segment of the market, the official exchange rate of the Nigerian currency to the Dollar was still N379/$1 at the close of business yesterday.

Slow Recovery at Cryptocurrency Market after Profit Taking

At the cryptocurrency market on Thursday, there was a slow recovery as six out of the seven tokens monitored by Business Post ended bullishly.

The Bitcoin (BTC) rose by 0.9 per cent to sell at N31,014,983.01; the Ethereum (ETH) moved up by 1.7 per cent to N1,190,093.99; while the Ripple (XRP) gained 0.1 per cent to trade at N896.24.

Further, the Tron (TRX) jumped by 7.5 per cent to trade at N77.12; the Dash (DASH) appreciated by 4.7 per cent to N155,153.03; while the Litecoin (LTC) improved by 2.6 per cent to close at N139,607.09.

However, the US Dollar Tether (USDT) depreciated at the session by 0.3 per cent to sell at N495.90.


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