Improvement in Forex Supply Firms Naira to N1,630/$1 at NAFEM

By Adedapo Adesanya

The Naira appreciated against the US Dollar by 2.4 per cent or N40.20 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, October 29.

The strengthening of the domestic currency during the trading session was buoyed by an improvement in the supply of forex to the spot market.

Data obtained from the FMDQ Securities Exchange showed that the turnover for the day was $242.59 million compared with the $81.17 million recorded a day earlier, indicating an increase of 198.9 per cent or $161.42 million.

This firmed the local currency to N1,630.45/$1 yesterday compared with the N1,670.65/$1 it traded in the preceding trading session.

However, the domestic currency headed south against the British Pound Sterling yesterday by N34.26 to wrap the session at N2,161.97/£1 compared with Monday’s N2,127.71/£1 and lost N26.84 against the Euro to settle at N1,800.97/€1 versus N1,774.13/€1.

In the parallel market, the Nigerian Naira maintained stability against the greenback yesterday to remain unchanged at N1,740/$1.

In the cryptocurrency market, Bitcoin (BTC) was almost making history as it flew to $73,577, just $160 away from the peak established earlier in March. However, the advancement was halted as investors started cashing out.

The developments saw Bitcoin (BTC) return to the $72,000 mark after it chalked up 2.5 per cent in the last 24 hours to trade at $72,423.04, as Ethereum (ETH) jumped by 1.0 per cent to sell at $2,664.13.

Further, Dogecoin (DOGE) appreciated by 7.6 per cent to trade at $0.109 as it continually banked on Elon Musk’s endorsement of the Republican candidate, Mr Donald Trump, in the November 5 election.

In addition, Cardano (ADA) rose by 2.9 per cent to quote at $0.3575, Litecoin (LTC) improved by 1.4 per cent to trade at $72.86, Ripple (XRP) went up by 0.3 per cent to settle at $0.5244.

On the flip side, Binance Coin (BNB) went south by 0.13 per cent to quote at $603.18, Solana (SOL) recorded a 0.09 per cent depreciation to finish at $0.09, and the US Dollar Tether (USDT) declined by 0.04 per cent to $0.9994, while the US Dollar Coin (USDC) close flat at $1.00.