Naira Appreciates at NAFEM

By Adedapo Adesanya

The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 27 as expectations of renewed confidence that the Central Bank of Nigeria (CBN) would offer stability to the market.

Before the market closed, there were indications that the CBN Governor, Mr Olayemi Cardoso, would share his plans for the Nigerian economy at a dinner for bankers in Lagos and this boosted a fresh hope, considering he had not offered a direction prior then.

In the official market, the domestic currency gained N161.44 or 16.9 per cent against the Dollar to close at N794.89/$1 versus the previous day’s rate of N956.33/$1.

The trade turnover showed a drop as the supply of FX yesterday stood at $75.82 million compared with the $105.50 million reported in the preceding trading session, indicating a decline of $29.68 million or 28.1 per cent.

In the parallel market, the Nigerian Naira also appreciated against the greenback on Friday by N10 to settle at N12 to settle at N1,150/$1, in contrast to the previous trading day’s value of N1,162/$1.

However, the local currency weakened against the American currency in the Peer-to-Peer (P2P) window of the forex market by N1 to sell for N1,143/$1 compared with Thursday’s value of N1,142/$1.

In the spot market, the Naira witnessed no gains nor losses against the Pound Sterling as well as the Euro during the session to remain unchanged at N1,047.86/£1 and N912.61/€1 apiece.

In the cryptocurrency market, Cardano (ADA) rose by 2.5 per cent to trade at $0.3911, Ripple (XRP) recorded a 1.8 per cent jump to settle at $0.6193, Dogecoin (DOGE) appreciated by 1.5 per cent to $0.0772, Bitcoin (BTC) improved by 0.05 per cent to $37,369.92, and Ethereum (ETH) soared by 0.04 per cent to $2,067.39.

However, Solana (SOL) slid by 2.5 per cent to sell at $56.84, Litecoin (LTC) went down by 1.4 per cent to trade at $69.55, and Binance Coin (BNB) lost 0.2 per cent to sell for $234.90, while the US Dollar Tether (USDT) and Binance USD (BUSD) traded flat at $1.00 each.