By Adedapo Adesanya
The Naira continued its fall as it recorded a 0.44 per cent or N6.48 slide on the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, June 14 to close the last trading day of the week at N1,482.72/$1, in contrast to the previous day’s N1,476.24/$1.
But the local currency recorded no movement against both the Pound Sterling and the Euro in the spot market, as they remained unchanged at N1,876.39/£1 and N1,580.19/€1, respectively.
This happened despite an improvement in the supply of forex into the official market yesterday with a turnover of $183.47 million compared with the preceding session’s $92.68 million, indicating an increase of $90.79 million or 97.9 per cent.
The rise in FX supply came after the World Bank approved a $2.25 billion loan for Nigeria to aid in stabilising the economy amid reforms and enhance support for the vulnerable.
The loan is expected to provide crucial support to Nigeria’s economic recovery efforts amidst ongoing challenges triggered by an announcement of a removal of now-returned fuel subsidies and FX unification.
In the parallel market, the value of the Naira improved against the US Dollar during the trading session to sell for N1,485/$1 compared with the previous day’s N1,490/$1.
The cryptocurrency market was largely bearish yesterday, with Dogecoin (DOGE) going down by 4.4 per cent to sell at $0.1366, as Solana (SOL) recorded a 2.6 per cent depreciation to quote at $144.07, and Cardano (ADA) lost 2.3 per cent to trade at $0.4131.
In addition, Bitcoin (BTC) saw a 1.2 per cent decline to finish at $66,133.93 and Litecoin (LTC) saw a 1.1 per cent depreciation to close at $78.77.
On the flip side, Ethereum (ETH) appreciated by 0.5 per cent to sell at $3,538.25, Binance Coin (BNB) added 0.4 per cent to settle at $606.84, and Ripple (XRP) recorded a 0.1 per cent jump to close at $0.4786, while the US Dollar Tether (USDT) and US Dollar Coin (USDC) traded flat at $1.00 each.
Modupe Gbadeyanka 
Dipo Olowookere