Adedapo Adesanya
By Adedapo Adesanya
The Nigerian Naira continued to gain ground against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) and the parallel market segments of the foreign exchange (FX) market.
In the official market, the Nigerian Naira gained 1.6 per cent or N23.45 against the greenback yesterday to sell at N1,408.04/$1 compared with the preceding session’s N1,431.49/$1, amid an 11.1 per cent or $22.09 million rise in the forex turnover to $22.09 million from the $199.71 million achieved last Friday.
Recent boost to liquidity, including remittance and bond issuance has alleviated the shocks in the Nigerian FX market, coupled with recent unorthodox moves to deter speculators has forced the rates to appreciate.
Also, the local currency improved its value against the Pound Sterling by N68.17 in the spot market to close at N1,772.78/£1 compared with N1,840.95/£1 and against the Euro, it appreciated by N55.29 to sell at N1,531.29/€1, in contrast to the preceding session’s N1,576.68/€1.
A look at the black market during the session showed that the Naira gained N55 against the Dollar to close at N1,410/$1 versus the previous session’s value of N1,465/$1.
As for the digital currency market, Bitcoin (BTC) price rose back above $70,000 for the first time in a week, recovering from the streak of negative flows into spot BTC exchange-traded funds (ETF) last week, and increased by 4.5 per cent to $70,426.99.
Further, Ethereum (ETH) added 4.3 per cent to sell at $3,635.20, Solana (SOL) rose by 4.8 per cent to $195.39, Dogecoin (DOGE) appreciated by 3.6 per cent to $0.18, Cardano (ADA) saw its value rise by 2.7 per cent to $0.6707, Ripple (XRP) appreciated by 1.6 per cent to trade at $0.6447, Litecoin (LTC) improved its value by 1.3 per cent o quote at $91.50, and Binance Coin (BNB) gained 1.2 per cent to trade at $594.05, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
