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Naira Appreciates as Dollar Inflows Improve, FX Gap Collapses

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Naira Appreciates as Dollar Inflows Improve, FX Gap Collapses By  Onyeaghala Emmanuel Obinna:  November 29, 2022 0 Nigerian Naira Naira Appreciates as Dollar Inflows Improve, FX Gap Collapses The Nigerian naira appreciates on Monday as healthy growth in foreign exchange (FX) inflows douse perennial demand pressure for foreign currencies pairs by importers and manufacturing concerns for eligible imports at the Investors and Exporters window. The battle to save the soul of the Nigerian naira has been ongoing, and the latest move to redesign some notes will stem the local currency from its persistent depreciation, according to foreign currency analysts. Weak local currency, coupled with a rising inflation rate has weakened purchasing power of the naira, affecting both corporate and individual finances. At the investors’ and exporters’ FX market, the Naira gained 0.37% against the US dollar, rising to N444.7 from N446.33. The parallel market rate, however, remained constant at N77...

Naira Holds Strong Against US Dollar, Gains 0.06%

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  Naira Holds Strong Against US Dollar, Gains 0.06% By Onyeaghala Emmanuel Obinna  December 20, 2021 0 Naira Naira Holds Strong Against US Dollar, Gains 0.06% Naira Naira Holds Strong Against US Dollar, Gains 0.06% Naira appreciates by 0.06 per cent to N414.80 on Monday at the Investors and Exporters foreign exchange window after the local currency closed at ₦415.05 on Friday. Trading data show that the local currency appears to have found a position around N414.80 where it had stayed for a while when naira records moderate gains in the FX market. Read: Naira Depreciates to N414.80 at Official FX Window In the foreign exchange market space for investors and exporters at the weekend, most participants maintained bids between ₦405.00 and ₦444.00 per dollar, according to FSDH Capital. Similarly, Nigeria’s gross external reserve remained under moderate pressure, declining by $181.19 million to $40.71 billion as the Central Bank (CBN) continued to support the naira at the offi...

HOW TO TRADE CRYPTOCURRENCY

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  HOW TO TRADE CRYPTOCURREN ONYEAGHALA EMMANUEL October 21, 2021 Want to jump straight to the answer? You can trade cryptocurrency on  eToro ,  Crypto.com ,  Coinbase ,  Gemini , and  Voyager ! Many investors like to trade cryptocurrency because it’s an extremely volatile asset. If you can time the market right, trading crypto can give you much higher returns than traditional investments. Cryptocurrency traders often have one of two goals: to accumulate Bitcoin or make a profit in USD. In a crypto bull market, it’s pretty easy for your portfolio to increase in USD value, but it’s more challenging for Bitcoin value to increase. To track your portfolio’s Bitcoin value, you can trade altcoins against Bitcoin on exchanges like Coinbase Pro. By actively trading your cryptocurrency, you risk losing your crypto to the market. Since cryptocurrency prices are so volatile, it’s not uncommon for traders to lose money quickly trading cryptocurrencies. This is why so ma...