By Adedapo Adesanya
The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday by 0.33 per cent or N5.58 to exchange at N1,671.32/$1, in contrast to Monday’s closing price of N1,676.90/$1.
However, the Nigerian currency depreciated against the Euro at the official market yesterday by N3.46 to settle at N1,819.86/€1 compared with the preceding day’s N1,816.40/€1 and traded flat against the Pound Sterling at N2,160.63/£1.
The value of forex trades at NAFEM, according to data from the FMDQ Securities Exchange, significantly increased by 175.3 per cent or $139.30 million to $218.77 million from the $79.47 million recorded a day earlier.
In the parallel market, the local currency weakened against the greenback during the trading session by N5 to sell at N1,725/$1 compared with the previous day’s rate of N1,720/$1.
In the last 24 hours, the crypto market has been bullish on the possibility of the emergency of Mr Donald Trump as the next President of the US.
This coincides with support from the betting marketplace Polymarket, where punters gave him an over 80 per cent chance of winning the US presidency.
Traders largely view a Trump win as bullish for the industry compared to Democrat Kamala Harris, who isn’t perceived as overly crypto-friendly.
Dogecoin (DOGE) gained 24.9 per cent to sell at $0.2055, Solana (SOL) jumped by 15.3 per cent to $184.95, Bitcoin (BTC) improved by 8.9 per cent to $74,708.64, Cardano (ADA) grew by 8.7 per cent to $0.3588, Ethereum (ETH) appreciated by 6.7 per cent to $2,591.91, Ripple (XRP) rose by 4.9 per cent to $0.5333, Litecoin (LTC) leapt by 4.4 per cent to $69.76, and Binance Coin (BNB) expanded by 3.9 per cent to $579.82, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
