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Naira Slips to N1,348/$1 at NAFEM

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By Adedapo Adesanya

The Naira depreciated against the US Dollar by 95 Kobo or 0.07 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, November 5, to N1,348.74/$1 from the previous session’s N1,347.79/$1.

However, the domestic currency appreciated against the Pound Sterling in the same market window during the session by N2.51 to end at N1,817.02/£1 compared with the preceding day’s N1,819.53/£1, and gained N5.55 against the Euro to close at N1,513.96/€1 versus N1,519.51/€1.

Meanwhile, the local currency traded flat against the US Dollar at the parallel market yesterday at N1,375/$1 and also sold flat at N1,356/$1 at the GTBank FX desk.

Trading activity at NAFEM declined for the second consecutive day, with turnover falling by 18.6 per cent to $82.162 million from $100.929 million the previous session, according to Central Bank of Nigeria (CBN) data.

Meanwhile, the continued accretion to the country’s external reserves is providing an additional buffer against external shocks and strengthening the CBN’s capacity to manage exchange rate pressures.

FX analysts at Coronation Group expect the Naira to trade between N1,330 and N1,370 per Dollar in the near term, barring a significant deterioration in global risk sentiment, a sharp drop in crude oil prices or a resurgence in domestic foreign exchange demand.

The Naira could strengthen against the Dollar next week as improved global risk sentiment following the conclusion of the US midterm elections potentially supports emerging market currencies and eases pressure on the FX market.

As for the cryptocurrency market, the majority of benchmarked coins were down as analysts pointed to fears of a slower AI data-centre buildout following the US midterms.

More than $1 billion in leveraged crypto bets were liquidated, though some said crypto’s relative resilience and growing adoption offer reasons for optimism.

In the last 24 hours, Ripple (XRP) made an 8.2 per cent fall to trade at $1.19, Ethereum (ETH) dipped by 8.1 per cent to $2,222.57, Solana (SOL) weakened by 6.8 per cent to $91.56, and Dogecoin (DOGE) slipped by 6.6 per cent to $0.0714.

Further, Cardano (ADA) went down by 6.5 per cent to $0.1837, Bitcoin (BTC) shrank by 5.9 per cent to $75,591.22, Binance Coin (BNB) declined by 2.2 per cent to $690.14, and TRON (TRX) depreciated by 0.5 per cent to $0.3180, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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