Economy
Naira Trades N1601/$1 at NAFEM, N1,600/$1 at Parallel Market
By Adedapo Adesanya
The Naira appreciated further against the US Dollar by 0.38 per cent or N6.15 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, August 6, closing at N1,601.00/$1, in contrast to the preceding day’s value of N1,607.15/$1.
Also, the Nigerian currency improved its value against the Pound Sterling in the official market during the session by N21.28 to finish at N2,055.06/£1 compared with Monday’s closing price of N2,076.34/£1 and appreciated against the Euro by N2.54 to trade at N1,766.69/€1, in contrast to the previous day’s rate of N1,764.15/€1.
Data obtained from the FMDQ Securities Exchange showed that the value of FX transactions decreased by 19.7 per cent or $15.19 million to $61.90 million from the preceding session’s $77.09 million.
A look at the parallel market showed that the Naira gained N5 against the US Dollar yesterday to sell at N1,600/$! versus the previous day’s closing rate of N1,605/$1.
Meanwhile, in the cryptocurrency market, there were mixed outcomes with Solana (SOL) reaching a new all-time high as it defied a brutal market sell-off that saw major cryptocurrencies plunge in value. SOL made a 7.1 per cent gain to sell at $153.75.
SOL’s relative value coincides with the ongoing “Solana memecoin mania.” This phenomenon, fueled by viral content and speculation, has contributed to a significant increase in demand for Rust engineers, the programming language behind Solana.
Bitcoin (BTC) recorded a 1.9 per cent appreciation to trade at $56,807.99, Binance Coin (BNB) went up by 1.6 per cent to finish at $494.50, Cardano (ADA) saw its value rise by 1.3 per cent to settle at $0.3363, and Litecoin (LTC) appreciated by 0.8 per cent to $58.98.
On the flip side, Dogecoin (DOGE) went down by 0.8 per cent to sell at $0.0989, Ripple (XRP) depreciated by 0.5 per cent to quote at $0.5131, and Ethereum (ETH) slumped by 0.4 per cent to $2,504.68, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
