Low Forex Trades supported Naira by 0.01% at I&E

The Nigerian Naira strengthened by 0.01% traded against the US dollar at I&E.

This result came after the Naira closed the week at a session on Thursday at N304.95 to the dollar. Meanwhile, a speech by the European Central Bank affected the Euro. Analysts expect it to be hawkish this week which may also fuel the dollar. The Euro traded at $1.1687, and the dollar traded at N305.00 from N305.50.

Low forex trades contributed to the gains posted by the local currency at the market window yesterday. The turnover for the day stood at $95.52 million, 30.2 percent, or $41.38 million. It is lower than the average daily volume over the last 30 trading sessions.

The average daily turnover for the week stood at $165.18 million. It is slightly above the 30-day moving average of $159.66 million and the 100-day moving average of $158.61 million.

The week-on-week change in turnover percentage points to a weakening trend. The FX market had an intense day of trade, with the local unit recording a weekly gain of 2.6 percent on the back of $6.66 billion.

The Naira appreciated against the Pound Sterling at the same market segment on Tuesday by N1.83 to trade at N558.86/£1 compared with Monday’s N560.69/£1, while the Euro fetched N551.75/£1. The Nigerian currency had appreciated by N2.45 to N566.36/£1 on Monday.

In the foreign exchange market, the British Pound slipped against the Dollar to N1.3075/£1 by closing Tuesday. The Euro fetched N1.3072/£1 while the Naira closed at N1.3020/£1.

Outside of the Forex Trades

Bitcoin (BTC) posted a 2.2% gain, selling for N21,808,296.32 while Dogecoin grew by 6.6% to sell at N85.36. Binance Coin recorded a 4.1% appreciation to trade at N157,485.68, while Tron added 2.6% to its value trading at N32.96.

In addition, Ethereum improved by 1.8%, while Ripple gained 1.7 percent. Dash recorded a 0.2 percent appreciation, while Cardano made a 0.1 percent upgrade to sell at N623.01.

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