Naira Dips Marginally by 17 Kobo to N485.53/$1 in NAFEX Market

The Naira recorded a marginal decline of 0.01 per cent or 17 Kobo against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday

The Naira fell marginally by 0.01 per cent or 17 Kobo against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, closing at N1,485.53/$1 compared with Thursday’s closing price of N1,485.53/$1.

However, the domestic currency maintained stability against the Pound Sterling and the Euro in the official FX market during the session at N1,884.09/£1 and N1,591.24/€1, respectively.

According to data, there was a slight increase in the supply of forex into the system yesterday, which led to a 9.8 per cent or $17.30 million surge in the value of FX trades to $193.50 million from the $176.20 million recorded in the preceding trading session.

This development comes amid a rise in Nigeria’s foreign exchange reserves in the last two months to $33.58 billion as of June 19, 2024, based on data from the Central Bank of Nigeria (CBN).

Meanwhile, the Naira to Dollar exchange rate in the parallel market on Friday remained unchanged at N1,490/$1, according to data obtained by Business Post.

In the cryptocurrency market, bullish activity was observed despite $1 billion in sales from large holders, the strength of the US Dollar and a strong US technology index market, which could be attracting investor money.

Outflow activity from US-listed spot Bitcoin exchange-traded funds (ETFs) also reached its worst since late April, with $900 million leaving the products this week. These figures are approaching the $1.2 billion in total net outflows in trading sessions from April 24 to May 2.

Solana (SOL) gained 2.8 per cent to trade at $135.49, Dogecoin (DOGE) appreciated by 0.5 per cent to $0.1245, Binance Coin (BNB) went up by 0.3 per cent to $586.87, and Litecoin (LTC) improved by 0.2 per cent to $74.04.

On the other hand, Cardano (ADA) declined by 3.0 per cent to $0.3763, Ripple (XRP) dropped 0.4 per cent to sell for $0.4847, Bitcoin (BTC) slid by 0.3 per cent to close at $64,433.24, and Ethereum (ETH) crashed by 0.2 per cent to $3,503.59, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.

News source：https://www.kdj.com/cryptocurrencies-news/articles/naira-dips-marginally-kobo-n-nafex-market.html

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