Naira Suffers 0.01% Loss Despite Weak Forex Transactions


By Adedapo Adesanya

The naira registered a marginal loss of 0.01% or 2 kobo against the US dollar at the Investors and Exporters (I&E) window of the forex market on Friday, December 17.

In the spot market, the exchange rate of the Naira against the greenback ended at N 415.07 / $ 1, up from N 415.07 / $ 1 in the previous session.

The Nigerian currency’s poor performance against its US counterpart occurred despite the FX category posting weak forex trades, according to data from the FMDQ Securities Exchange.

Trading session revenue was $ 151.03 million, 54.4% or $ 180.08 million lower than the previous day’s revenue of $ 331.11 million. of dollars.

However, the local currency showed no movement against the US currency at the interbank forex market window during the week’s closing session. Indeed, the exchange rate remained intact at 411.91 N / $ 1 at the close of business.

But the Nigerian Naira appreciated against the British pound of N3.33 on Friday to trade at N547.35 / £ 1 against N550.68 / £ 1 from the previous session and gained 87 kobo against the Euro. to end the day at N466.24. / € 1 against 467.11 N / € 1 the day before.

Meanwhile, investors continued to play it safe in the cryptocurrency market and amid cautious trading, bears took control of the ecosystem as the 10 tokens followed by Business post finished in red.

Ethereum (ETH) closed 6.3% lower to sell at N 2,055,068.70, Dash (DASH) depreciated 5.5% to trade at N 74,094.20, the Litecoin (LTC) was down 4.2% to sell at N86,566.46, Bitcoin (BTC) was down 2.7% to trade at N26,927,365.96, while Dogecoin (DOGE) was slipped 1.9% to N101.90,

Additionally, Cardano (ADA) depreciated 1.8% to trade at N 731.90, Binance Coin (BNB) fell 1.0% to sell at N 215,467.65, Tron ( TRX) fell 0.3% to sell 48 N. .89, the US Dollar Tether (USDT) lost 0.1% to quote at N579.20, while Ripple (XRP) depreciated 0, 1% at N468.72.


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