Market News

By Ahmed Rahma, Adedapo Adesanya

The Naira recorded some gains on the US Dollar on Wednesday, March 3 at the Investors and Exporters (I&E) window of the foreign exchange market.

Business Post reports that the Naira appreciated by 0.15 per cent or 63 kobo at the trading session to close at N411/$1 in contrast to N411.63/$1 it traded at the preceding trading day.

This growth was boosted by the decline in the demand for FX at the market as the day’s turnover went down by 44 per cent or $26.02 million to $33.15 million from $59.17 million of the preceding session.

However, at the parallel market, the domestic currency closed flat against the United States Dollar at N480/$1 at the midweek trading session.

Also at the same window, the local currency closed flat against the Pound Sterling and the Euro yesterday at N672/£1 and N580/€1 respectively.

At the interbank segment of the market, the value of the Naira still remained unchanged against the US Dollar at N379/$1 and at the Bureaux De Change (BDC) window, the local currency closed flat at N395/$.

Meanwhile, at the cryptocurrency market, five of the seven main digital currencies tracked on Wednesday by Business Post on trading and tracking platform, Quidax, closed in the positive territory.

The US Dollar Tether (USDT) recorded the highest jump during the trading session with a growth of 5.7 per cent to trade at 652.00. The Dash (DASH) appreciated by 3.0 per cent to sell at N146,800, while the Bitcoin (BTC) gained 1.6 per cent to quote at N32,594,988.

In addition, the Ethereum (ETH) grew by 0.6 per cent to sell at N1,018,333.00, while the Litecoin (LTC) appreciated by 1.3 per cent to trade at N123,000.

On the loser’s corner, Ripple (XRP) recorded a 2.0 per cent falloff to trade at N290.15 and was followed by Tron (TRX), which recorded a 0.1 per cent slide to sell at N31.79.