Naira Depreciates by 0.29% to N1,598.56/$1 in NAFEX Market

The Naira depreciated by 0.29 per cent or N4.63 against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday

The Naira fell against the Dollar in the NAFEX market on Friday by N4.63 to close at N1,598.56/$1. This was a 0.29 per cent depreciation from the previous day’s rate of N1,593.93/$1.

The local currency also depreciated against the Pound Sterling in the official market by N7.48 to close at N2,106.05/£1 compared with the preceding day’s rate of N2,098.57/£1. It also closed at N1,772.09/€1 against the Euro, down from Thursday’s exchange rate of N1,765.80/€1.

The poor outcome occurred amid an 11.1 per cent or $17.28 million rise in the supply of FX in the spot market on the last trading session of the week to $172.80 million from the $155.52 million recorded a day earlier.

Meanwhile, the domestic currency closed at N1,630/$1 in the parallel market yesterday, depreciating by N10 against the Dollar from the previous day’s closing value of N1,620/$1.

In the cryptocurrency market, Litecoin (LTC) saw a boost in price as the crypto community spotted a big Litecoin transfer made to the Binance exchange. The transfer, involving 200,000 LTC, was valued at $12,765,026, with the coin rising in value at the close of business by 3.7 per cent to $64.79.

Also, Dogecoin (DOGE) saw a value appreciation of 1.9 per cent to sell at $0.1011, Ripple (XRP) added 0.8 per cent to trade at $0.5664, Binance Coin (BNB) went up by 0.2 per cent to close at $535.78, Ethereum (ETH) also jumped by 0.2 per cent to quote at $2,521.06, and Bitcoin (BTC) expanded at the close of transactions by 0.1 per cent to $59,139.42.

On the flip side, Cardano (ADA) went down by 2.1 per cent to $0.3473, and Solana (SOL) recorded a 1.6 per cent decline to sell at $137.14, while the US Dollar Tether (USDT) and US Dollar Coin (USDC) sold flat at $1.00 apiece.

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