WATCH THE VIDEO HERE The value of the Naira improved in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, December 17 after it appreciated against the US Dollar by N1.05 or 0.07 per cent to settle at N1,544.05/$1 compared with the preceding day’s N1,545.10/$1. However, the local currency depreciated against the Pound Sterling in the official market during the session by N5.75 to sell for N1,946.63/£1 compared with the previous day’s rate of N1,940.88/£1 and against the Euro, it slumped by N2.86 to finish at N1,611.73/€1, in contrast to Monday’s closing price of N1,608.87/€1. In the parallel market, the Nigerian currency maintained stability against the US Dollar on Tuesday at N1,660/$1, according to data obtained by Business Post. A look at the cryptocurrency market showed that profit-taking dominated yesterday as investors look forward to the decision by the US Federal Reserve to cut interest rates, a move that could impact riskier assets like crypto. Ethereum (ETH) slid by 4.2 per cent to $3,842.17, Dogecoin (DOGE) depreciated by 3.7 per cent to sell at $0.3849, Cardano (ADA) fell by 3.5 per cent to trade at $1.03, Bitcoin (BTC) slumped by 2.6 per cent to quote at $103,838.00, Binance Coin (BNB) went down by 0.9 per cent to $710.31, and Ripple (XRP) dropped 0.3 per cent to finish at $2.51. On the flip side, Litecoin (LTC) appreciated by 4.8 per cent to close at $122.42, and Solana (SOL) jumped by 0.6 per cent to trade at $216.11, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat $1.00 apiece.
Naira Appreciates to N1,544/$1 at NAFEM, Stable at N1,660/$1 at Black Market
