Naira Appreciates against US Dollar by 2.63% in NAFEX

It was the first time the Nigerian currency was gaining strengthen in the last four consecutive trading sessions, closing yesterday at N1,645.40/$1 compared with the preceding session's N1,689.88/$1.

The Naira appreciated against the US Dollar on Wednesday by 2.63 per cent or N44.48 at the Nigerian Autonomous Foreign Exchange Market (NAFEX).

It was the first time the Nigerian currency gained strength in the last four consecutive trading sessions, closing yesterday at N1,645.40/$1 compared with the preceding session’s N1,689.88/$1.

The forex turnover for the trading day increased significantly during the session by 122.5 per cent or $130.40 million to $236.84 million from the $106.44 million recorded a day earlier.

In the official market, the domestic currency also improved its value against the British Pound Sterling by N7.77 to settle at N2,108.25/£1 compared with the previous day’s N2,164.74/£1 and against the Euro, it gained N36.14 to finish at N1,757.29/€1 versus Tuesday’s closing price of N1,793.43/€1.

A look at the parallel market showed that the Nigerian Naira appreciated against the greenback yesterday by N5 to quote at N1,735/$1 compared with the N1,740/$1 it was traded in the preceding trading session.

In the cryptocurrency market, most of the tokens tracked by Business Post ended in the green territory, with the price of Bitcoin (BTC) soaring to a record of $93,445 before finding itself below $90,000 as headline inflation rose 0.2 per cent in the US.

This was the fourth month in a row it rose by 0.2 per cent and the annual rate climbed from 2.4 per cent to 2.6 per cent, triggering an increased interest in buying coins.

Further, Litecoin (LTC) jumped by 12.2 per cent to $81.72, Cardano (ADA) appreciated by 8.5 per cent to $0.5715, Solana (SOL) grew by 6.3 per cent to $216.25, Dogecoin (DOGE) went up by 5.4 per cent to $0.3881, Ripple (XRP) also rose 5.4 per cent to $0.6883, Binance Coin (BNB) chalked up 3.1 per cent to trade at $624.14, and Ethereum (ETH) added 1.4 per cent to sell at $3,181.21, while the US Dollar Coin (USDC) and the US Dollar Tether (USDT) remained unchanged at $1.00 each.

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