Naira Sells N1,579/$1 at Official Market, N1,615/$1 at Black Market

By Adedapo Adesanya

The Naira maintained its positive performance against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) and the parallel market segments of the forex market on Tuesday, June 3.

During the second trading session of the week, the local currency gained 0.13 per cent or N2.03 against the greenback in the official market to sell for N1,581.48/$1, in contrast to the N1,586.19/$1 it was valued at the previous session.

In the spot market, the Nigerian Naira traded flat against the Pound Sterling and the Euro on Tuesday at N2,143.37/£1 and N1,809.49/€1, respectively.

Similarly, in the black market, the value of the domestic currency remained unchanged against the Dollar yesterday at N1,615/$1.

As for the cryptocurrency market, most of the tokens gained weight as altcoins showed signs of a strong recovery.

With institutional adoption and market catalysts on the horizon, the crypto market appears poised for further growth as speculation around exchange traded funds (ETFs) approvals and its robust blockchain ecosystem.

Market analysts noted that crypto assets are well-positioned to capitalize on a potential altcoin season, with bullish signals emerging across technical indicators.

During the trading day, Ripple (XRP) appreciated by 1.8 per cent to close at $2.24, Ethereum (ETH) added 0.6 per cent to trade at $2,633.12, Litecoin (LTC) recorded a 0.6 per cent rise to finish at $90.19, Binance Coin (BNB) went up by 0.4 per cent to sell for $669.52, while Bitcoin (BTC) increased its price of 0.1 per cent to end at $105,415.95.

On the flip side, Solana (SOL) fell by 1.8 per cent to quote at $156.74, Cardano (ADA) went down by 0.4 per cent to close at $0.6941, and Dogecoin (DOGE) depreciated by 0.2 per cent to settle at $0.1960, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.