By Adedapo Adesanya
The naira appreciated against the US dollar on the Investors and Exporters (I&E) window of the forex (FX) market by 1.7% or N7 on Friday, allaying fears that the currency could be devalued again.
The local currency sold for N415.07 / 1 $ at the official exchange window yesterday, unlike N422.07 / 1 $ which it was trading on Thursday, according to data obtained from the FMDQ Securities Exchange.
The Nigerian currency had suffered a significant loss a day earlier after investors feared the Central Bank of Nigeria (CBN) would be forced to devalue the naira again.
Speaking during the Economic Sustainability Plan (ESP) earlier this week, Vice President Yemi Osinbajo said there was a “need to move our rates towards [be] as representative as possible of the market. This is, from my respective point of view, the only way to improve the offer ”, which was indicative of a devaluation.
He went on to say, “We cannot bring new dollars into the system, where the exchange rate is artificially low. And everyone knows how much our reserves can increase. I am convinced that the current demand management strategy adopted by the CBN needs to be rethought, and this is only my point of view.
He also lamented the lack of access to forex for importing systems and commodities as one of the contributing factors in the current economic situation.
Although the vice president said he was not calling for a devaluation, the market had boosted action but has now rebalanced.
During the last session of the week, a turnover of $ 337.28 million was recorded against $ 141.94 million reported in the previous session.
This indicates an increase of 195.34 million dollars or 137.6% of the daily turnover of the specialized market which caters to the investors and exporters of the country.
However, the national currency closed flat against the US dollar at N / $ 410.91 on the interbank segment of the forex market on Friday.
Meanwhile, Bitcoin (BTC) continued its boom in the cryptocurrency market, trading at N34,900,200.01 after gaining 6.1% as hopes grew that regulators in the United States would allow a futures exchange-traded fund (ETF). likely to pave the way for broader investment in digital assets. This has largely boosted the most popular digital currency and has robbed others as well.
Tron (TRX) added 2.9% to trade at N55.58, Dash (DASH) rose 2.5% to sell for N107 420.17, Binance Coin (BNB) appreciated 1.2% at trade at N194 938.27, Litecoin (LTC) sold at N 101 102.04 after rising 0.4%, while Ethereum (ETH) gained 0.3% to trade at 2 174,753.84 N.
On the losing side, Dogecoin (DOGE) was down 1.3% to sell at N133.66, Cardano (ADA) fell 0.8% to N 1,254.12, the Dollar Tether (USDT) a declined 0.6% to sell for N568.38, while Ripple (XRP) lost 0.3% to trade at N644.01.