Naira Appreciates against Dollar in Official Market, Flat against Pound, Euro

The Naira improved its value against the United States Dollar by 1.01 per cent or N15.97 at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday

The Naira appreciated against the Dollar at the official market on Friday by N15.97 or 1.01 per cent to trade at N1,570.14/$1 compared with Thursday’s closing rate of N1,586.11/$1.

However, at the parallel market, the Naira gained N10 against the greenback to exchange at N1,605/$1, contrasting with the previous day’s rate of N1,615/$1.

Despite the apex bank’s assurance to intervene in the FX market in the last couple of weeks, it is staying off to let the market breathe and avoid oversupplying.

But forex turnover for the session was $120.81 million, showing a marginal rise of 0.5 per cent from the $120.20 million recorded a day earlier.

Meanwhile, the Naira closed flat against the Pound Sterling and the Euro in the official FX window at N2,087.11/£1 and N1,770.74/€1, respectively.

Most cryptocurrencies were up for grabs on Friday as bulls were spurred by indications from US Federal Reserve Chairman, Mr Jerome Powell that an interest rate cut is coming soon in the world’s largest economy.

“The time has come for policy to adjust,” Mr Powell said. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”

Bitcoin (BTC) rose by 5.5 per cent to $64,252.96, Ethereum (ETH) jumped by 3.4 per cent to $2,764.80, Solana (SOL) surged by 6.7 per cent to $154.81, Dogecoin (DOGE) recorded a 5.5 per cent rise to sell at $0.1127, and Cardano (ADA) went up by 4.2 per cent to $0.3906.

Furthermore, Litecoin (LTC) expanded by 3.4 per cent to $66.34, Ripple (XRP) gained 2.2 per cent to finish at $0.6123, and Binance Coin (BNB) increased by 0.1 per cent to $580.02, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.

The above is the detailed content of Naira Appreciates against Dollar in Official Market, Flat against Pound, Euro. For more information, please follow other related articles on the PHP Chinese website!