By Tolulope Oke
The Naira witnessed a 0.25 percent appreciation against the US Dollar at the official Investors and Exporters (I & E) forex trading session on Tuesday, June 21st.
The local currency traded at N420.27 to 1 US Dollar, as compared to Monday’s exchange rate which was sold at N421 to 1 US dollar.
Investors traded a total of $108.06 million, up from $46.07 million in the previous session, according to data from FMDQ Securities Exchange, a 134.6 percent ($61.99 million) increase.
At the official Central Bank of Nigeria’s (CBN) forex trading segment, the Naira was exchanged for N415.65 to 1 US Dollar, this is against Monday’s price which was traded at N415.75 to $1, indicating a fall in 0.2% fall in Dollars.
The parallel market on the other hand remained flat as the currencies were traded between N590 to N610.
Naira was traded at N509.92 to 1 Brisitsh Pound Sterling (GBP), this is as against the previous session which was exchanged at N509.66 to 1 Pound, thereby indicating a 0.05% per cent gain against Naira.
Likewise, Naira recorded a decrease in value against Euro as yesterday’s trade concluded at N438.80/1Eur – compared to Monday’s session that was exchanged at N437.49/1Eur. This equals to a 0.30% increase for EUR to Naira exchange rate in CBN for this week so far.
The digital currencies the past 24 hours have witnessed a bearish in value, having started the week on high hopes.
Bitcoin (BTC) declined to $20,444.65, for a coin – a change of 2.41% over the past 24 hours. With hopes of the currency regaining his value, Bitcoin was sold at $21,139.31 per coin yesterday.
The price of Ethereum (ETH) fell by 4.9% to trade at $1,098.25, TerraClassicUSD (USTC) fell by 4.8% to retail at $0.0080, Litecoin (LTC) fell by 4.2% to trade at $51.90, and Binance Coin (BNB) fell by 2.9% to trade at $216.81.
Cami Ezenwa is a writer, editor and concepts developer. He has worked with the Daily Times, Daily Independent, Financial Standard and Business Television, to mention a few.
Committed to grooming the next generation of impactful writers, he is an apostle of free flowing prose.