The Naira depreciated further against the US Dollar by 0.04 per cent or 56 Kobo to N1,549.09/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, June 24 from the N1,548.53/$1 it was traded on Monday.
Similarly, the Nigerian currency improved its value against the Pound Sterling in the official market during the trading session by N27.08 to sell for N2,109.79/£1 versus the preceding day’s rate of N2,082.76/£1 and lost N15.61 on the Euro to trade at N1,798.26/€1, in contrast to the N1,782.51/€1 it was transacted in the previous session.
In the same vein, the value of the Naira slumped against the Dollar in the black market yesterday by N5 to settle at N1,585/$1 compared with the previous day’s value of N1,580/$1.
The local currency, over the recent weeks, had been stable around the N1,545 – N1,555/$1 range on FX intervention support by the Central Bank of Nigeria (CBN).
While it may depreciate day-to-day, analysts said the Naira is projected to maintain its current trading range, provided no unforeseen disruptions occur.
As for the cryptocurrency market, most of the tokens tracked by Business Post moved in different directions on Tuesday, with Bitcoin (BTC) chalking up 0.9 per cent to sell at $106,441.12, Ethereum (ETH) gaining 0.8 per cent to close at $2,441.97, Binance Coin (BNB) adding 0.4 per cent to finish at $644.77, and Solana (SOL) rising by 0.3 per cent to $146.24.
Conversely, Cardano (ADA) fell by 1.2 per cent to trade at $0.5823, Dogecoin (DOGE) slumped by 0.3 per cent to $0.1661, Ripple (XRP) depreciated by 0.2 per cent to $2.17, and Litecoin (LTC) went down by 0.1 per cent to $85.02, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.