Economy
Naira Sells N1,579/$1 at Official Market, N1,620/$1 at Parallel Market
By Adedapo Adesanya
The value of the Naira appreciated against the United States Dollar by N1.94 or 0.12 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, May 26, closing at N1,579.65/$1, in contrast to last Friday’s rate of N1,581.59/$1.
However, the local currency weakened against the Pound Sterling in the spot market yesterday by N5.23 to trade at N2,141.99/£1 compared with the preceding session’s N2,136.76/£1 and depreciated against the Euro by N26 Kobo to quote at N1,791.37/€1 compared with the previous trading day’s N1,791.11/€1.
In the parallel market, the Nigerian Naira traded flat against the US Dollar in the parallel market on the first trading session of the week at N1,620/$1.
In the cryptocurrency market, there were negative outcomes following profit-taking sparked by continued confused signals in global trade.
The price had been largely down after the US president Donald Trump last week announced a 50 per cent tariff on European goods as well imports like Apple’s iPhones. However, it was later decided that the tariff would take effect starting July 9.
Also one of the world’s top economies, Japan has taken steps to ease the impact of the US tariff. According to local reports, the Japanese government is planning to spend 900 billion Yen (about $6.3 billion) to help businesses cope with tariff costs.
Solana (SOL) recorded a 1.8 per cent depreciation to sell at $174.60, Ripple (XRP) also went down by 1.8 per cent to close at $2.30, Litecoin (LTC) depreciated by 1.7 per cent to $95.03, Dogecoin (DOGE) slumped by 0.9 per cent to sell at $0.2259, Cardano (ADA) decreased by 0.8 per cent to finish at $0.7608, and Bitcoin (BTC) declined by 0.5 per cent to $109,080.61.
On the flip side, Ethereum (ETH) appreciated by 0.9 per cent on Monday to end at $2,593.43, and Binance Coin (BNB) added 0.4 per cent to close at $677.23, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
