Naira Strengthens to N1,379/1$ at Official Market

By Adedapo Adesanya

The Naira appreciated against the US Dollar by N3.95 0r 0.29 per cent to exchange at N1,379.68/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, June 30, compared with the previous day’s N1,383.63/$1.

The positive movement was also seen against the Pound Sterling at the same official market window, where it gained N6.59 to trade at N1,825.05/£1 versus the preceding day’s N1,831.64/£1, and improved against the Euro by N5.05 to sell for N1,572.98/€1 compared with Monday’s price of N1,578.03/€1.

At the GTBank FX counter, the Nigerian Naira, however, lost N2 against the Dollar yesterday to quote at N1,389/$1, in contrast to the previous session’s N1,387/$1, and at the black market, it remained unchanged at N1,395/$1,

A look at the cryptocurrency market yesterday showed that Bitcoin (BTC) depleted for the fifth straight day, selling at $58,668.93. This sits below the levels that sparked rebounds in February and earlier in June, as well as the 50-day and 200-day moving averages.

Dogecoin (DOGE) crashed by 1.5 per cent to sell at $0.0713, Binance Coin (BNB) lost 1.4 per cent to close at $544.98, Ethereum (ETH) went down by 1.0 per cent to $1,574.60, TRON (TRX) depreciated by 0.8 per cent to $0.3164, and Ripple (XRP) dropped 0.8 per cent to finish at $1.03.

Conversely, Cardano (ADA) grew by 2.9 per cent to $0.1493, and Solana (SOL) increased by 0.3 per cent to $74.19, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.