Naira Trades Flat at Official Market Amid 81.6% Rise in FX Transactions

May 29, 2024
Official FX Market

By Adedapo Adesanya

The Naira maintained stability against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, remaining unchanged at N1,339.33/$1 amid a significant boost in the supply of FX in the official market.

The FMDQ Securities Exchange, the platform that tracks trades at the spot market, revealed that the value of forex trades yesterday was $328.32 million, higher than the $180.80 million recorded a day earlier by 81.6 per cent or $147.52 million.

It was observed that the strategies of the Central Bank of Nigeria (CBN) to boost FX inflows from treasury bills and OMO bills sales were the magic wand.

Also in the official market, the Nigerian currency improved its value against the Pound Sterling yesterday by N121.85 to sell for N1,762.43/£1 compared with the previous day’s N1,884.28/£1.

In the same trend, the local currency appreciated against the Euro during the trading day by N106.73 to settle at N1,500.58/€1 versus Monday’s closing price of N1,607.31/€1.

In the black market, the exchange rate of the Naira to the Dollar was flat on Tuesday at N1,505/$1, according to data obtained by Business Post from Bureaux De Change (BDC) operators.

Meanwhile, the cryptocurrency market recorded a positive outcome on Tuesday as investment giant, JP Morgan, said exchange-traded funds (ETFs) for Solana (SOL) and other assets are unlikely to succeed as the US Securities and Exchange Commission’s (SEC) recent decision to approve spot Ethereum ETFs is “already stretched”. Whether the SEC considers ETH a security or a commodity is unclear despite the approvals.

SOL jumped by 4.5 per cent to trade at $173.51, Dogecoin (DOGE) increased by 0.5 per cent to sell at $0.1699, Cardano (ADA) went up by 1.6 per cent to $0.4631, and Ripple (XRP) added 1.3 per cent to close at $0.5308.

Further, Bitcoin (BTC) jumped by 1.2 per cent to $68,527.11, Litecoin (LTC) rose by 1.0 per cent to $84.01, Binance Coin (BNB) grew by 0.8 per cent to $602.46, and ETH gained 0.5 per cent to quote at $3,863.66, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

Adedapo Adesanya

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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