Naira Trades N843.07/$1 at NAFEM, N1,180/$1 at Black Market

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By Adedapo Adesanya

The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1.

This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session.

Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by N86.48 to close at N1,117.02/£1 versus the preceding day’s N1,203.50/£1 and against the Euro, it improved by N73.79 to quote at N957.51/€1 versus the midweek’s N1,031.30/€1.

However, in the Peer-to-Peer (P2P) forex window, the value of the Nigerian currency continued its depreciation as it dropped N12 against the US currency to settle at N1,179/$1, in contrast to Wednesday’s closing price of N1,167/$1.

Also, in the parallel market, the domestic currency declined against the American currency yesterday by N8 to sell for N1,180/$1 compared with the previous day’s exchange rate of N1,172/$1.

Meanwhile, the cryptocurrency market bolstered during the session as Cardano (ADA) is experiencing a significant upswing banking on the maturation of the Cardano network into a thriving ecosystem for burgeoning web3 projects, gaining 7.2 per cent to sell at $0.4518.

Ripple (XRP) surged by 5.3 per cent to $0.6507, Litecoin (LTC) rose by 1.9 per cent to trade at $74.28, Binance Coin (BNB) recorded a 1.4 per cent appreciation to close at $233.43, Bitcoin (BTC) leapt by 0.8 per cent to $44,001.77, and Solana (SOL) appreciated by 0.7 per cent to $63.49.

However, Dogecoin (DOGE) went down by 1.2 per cent to trade at $0.0976, and Ethereum (ETH) lost 0.2 per cent to finish at $2,264.86, while the US Dollar Tether (USDt) and US Dollar Coin (USDC) retained parity in value at $1.00 each.

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