Naira Firms to N1,540/$1 at Official Market on Improved FX Liquidity

By Adedapo Adesanya

The Naira continued its positive performance in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, June 10 as investor confidence to gather momentum due to improved FX liquidity.

Data obtained from the Central Bank of Nigeria (CBN) indicated that the Nigerian currency gained N12.38 or 0.78 per cent against the United States Dollar yesterday to settle at N1,540.24/$1, in contrast to the preceding session’s N1,552.62/$1.

Similarly, the local currency improved its value against the Pound Sterling in the official market during the session by N28.24 to close at N2,083.38/£1 versus the preceding trading day’s rate of N2,111.62/£1 and gained N20.69 against the Euro to sell for N1,760.89/€1 compared with last Thursday’s price of N1,781.58/€1.

At the black market, the exchange rate of the Naira to the Dollar remained unchanged at N1,610/$1 on Tuesday as the policies of the central bank begin to yield positive results.

As for the cryptocurrency market, it turned bullish, with Solana (SOL) chalking up 4.8 per cent to finish at $165.89 following expectations that its exchange traded-funds (ETFs) could be approved by next month.

The US Securities and Exchange Commission (SEC) has requested companies launching the Solana ETFs to submit updated documents especially for the S-1 form within the next week as part of a phase in the approval process.

The industry regulator also said it will review these filings and give feedback within 30 days. This means this could mark a very important period for Solana ETF hopefuls.

The SEC wants the companies to explain how investors will get their money back in crypto, to ensure transparency.

During the session, Ethereum (ETH) rose by 4.3 per cent to $2,789.65, Cardano (ADA) jumped by 3.3 per cent to $0.7233, Dogecoin (DOGE) increased by 3.2 per cent to $0.1974, Litecoin (LTC) expanded by 1.5 per cent to $91.72, Binance Coin (BNB) soared by 1.3 per cent to $671.19, and Ripple (XRP) appreciated by 0.1 per cent to $2.28.

However, Bitcoin (BTC) depreciated by 0.1 per cent to $109,486.50, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.