Naira Sustains Stability at FX Market, Bitcoin Sells for N6.0m Monday - BUSINESS POST

October 27 2020

By Adedapo Adesanya

The Naira was relatively stable against the United States Dollar and other foreign currencies tracked at the different segments of the foreign exchange (FX) market on Monday, October 26.

The domestic currency closed at N386/$1 at the Investors and Exporters (I&E) window of the market yesterday, the same rate it was exchanged at the investors’ segment last Friday.

The stability was sustained on the back of a huge plunge in the demand for FX at the market segment as data from the FMDQ Securities Exchange showed that the turnover for the session went down by $160.19 million or 81.1 per cent to $37.23 million from the $197.42 million recorded at the preceding trading day.

At another segment of the forex market on Monday, the Bureaux De Change (BDC), data from the Association of Bureaux De Change Operators of Nigeria (ABCON) indicated that the value of the local currency against the greenback remained unchanged at N386/$1, the maximum rate the Central Bank of Nigeria (CBN) instructed the traders at the window to sell the Dollar to their customers when it resumed the sale of FX last month.

At the parallel market, the Nigerian currency traded flat against the American currency on Monday at N463/$1 but lost N3 against the British Pound Sterling to close at N595/£1 in contrast to N592/£1 it traded previously and remained unchanged against the Euro at N540/€1.

The value of the Naira to the Canadian Dollar closed flat at the black market yesterday at C$327. It also traded flat against the South African Rand at N28, the Ghanaian Cedi at N75 and unchanged against the United Arab Emirates Dirham at N125.

At the interbank segment of the market, the Naira made no movement against the US Dollar as it remained at N379/$1 at the close of transactions.

At the cryptocurrency market on Monday, the Bitcoin appreciated by 1.14 per cent to hit N6.0 million, according to data sourced from Quidax.

However, the Ethereum (ETH) depreciated by 0.57 per cent to close at N184,447, while the Ripple (RPX) declined by 0.67 per cent to N114.36, with Litecoin (LTC) going down by 2.89 per cent to N26,003.

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Read Comments

Steven Rich
Sep 17, 2018:
Well done

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