On Friday, the Naira closed at a stronger rate of N1,600 to the dollar at the official market, gaining N1.20, or 0.07%, from Thursday’s rate of N1,601.20. According to data from the FMDQ Exchange, trading activity was robust, with the daily turnover increasing significantly to $284.93 million from Thursday’s $230.99 million.
In the Investors and Exporters (I&E) window, the Naira displayed a broad trading range, moving between N1,682 and N1,589.82 to the dollar, showing resilience as it ended the week on a positive note.
On Monday, the country’s legal tender depreciated by 3.9 per cent or N60.58 against the greenback in the official market to quote at N1,598.54/$1 compared with the previous day’s N1,537.96/$1, according to data obtained from FMDQ Securities Exchange.
The domestic currency also suffered the same fate in the spot market against the Pound Sterling as it shed N53.57 to close at N1,931.04/£1 compared with last Friday’s value of N1,877.47/£1 and against the Euro, it depleted by N44.12 to finish at N1,652.12/€1, in contrast to the preceding session’s rate of N1,608.00/€1.
It was observed that the supply of foreign exchange (FX) to NAFEM was low, resulting into a low turnover, as the value of forex transactions went down by 21.0 per cent or $17.67 million to $66.43 million from $84.10 million.
Also, the value of the local currency declined against the Dollar in the Peer-to-Peer (P2P) window yesterday by N79 to settle at N1,707/$1 versus the previous trading session’s N1,628/$1.
Further, the Nigerian currency weakened against the American currency in the parallel market on Monday by N80 to sell at N1,720/$1 compared with the preceding session’s rate of N1,640/$1.
Meanwhile, in the cryptocurrency market, a report said it may now be time to focus on Ethereum (ETH), the second-largest cryptocurrency, as the coin is “probably the only other digital asset likely to get a spot ETF approval by the SEC.”
