Naira Appreciates against US Dollar by 4.5% in NAFEM Market

The Naira appreciated against the US Dollar by 4.5 per cent or N73.39 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday

The Naira appreciated against the US Dollar by 4.5 per cent or N73.39 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, October 5 amid improvement in the supply of forex.

The official market exchange rate yesterday was N1,561.76/$1, in contrast to the N1,635.15/$1 recorded in the preceding trading session.

Also, the domestic currency gained N43.82 against the British Pound Sterling in the spot market during the trading day to quote at N2,131.62/£1 compared with Monday’s closing price of N2,175.44/£1 and remained unchanged against the Euro at N1,788.98/€1.

The value of FX trades in the official market on Tuesday significantly went up by 100.9 per cent or $127.44 million to $253.68 million from the $126.24 million recorded a day earlier.

However, in the parallel market, the local currency weakened against the United States currency yesterday by N5 to trade at N1,680/$1 versus the N1,675/$1 it was exchanged in the previous trading session, amid the seasonal forex demand from customers.

Meanwhile, the cryptocurrency market turned bullish yesterday as investors weighed easing concerns about a spiralling escalation in the Middle East after a Hezbollah leader reportedly supported efforts for a potential ceasefire with Israel.

The developments saw Binance Coin (BNB) go up by 3.6 per cent to trade at $583.83, with Dogecoin (DOGE) expanding its value by 2.1 per cent to sell at $0.1092, and Litecoin (LTC) appreciating by 1.6 per cent to close the day at $65.88.

In addition, Ethereum (ETH) jumped by 1.3 per cent to sell at $2,449.11, Ripple (XRP) gained 0.7 per cent to settle at $0.5324, Solana (SOL) recorded a 0.6 per cent appreciation to quote at $143.83, and Bitcoin (BTC) remained around to the $62,000 mark after it chalked up 0.3 per cent to trade at $62,486.31.

However, the value of Cardano (ADA) went down on Tuesday by 0.9 per cent to close at $0.3472, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

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