Naira Falls to N1,536/$1 at NAFEM, Unchanged at N1,655/$1 at Black Market

However, in the same market segment, which is the official market, the domestic currency traded flat against the British Pound Sterling and the Euro during the trading session at N1,902.55/£1 and N1,579.52/€1, respectively.

It was a similar scenario in the parallel market yesterday, where the Naira value remained unchanged against the greenback at N1,655/$1 as the market was able to soak forex demand pressure for now.

Meanwhile, the cryptocurrency market was positive on Monday as most of the tokens tracked by this newspaper turned green as anticipation of Donald Trump’s inauguration as US president is building bullish sentiment for Bitcoin (BTC) and the broader crypto market.

Mr Trump’s expected crypto policies and broader economic plans have brought back positive sentiment among traders — bumping up crypto prices.

Market analysts added that market volatility is expected to stay low until the US Nonfarm payrolls (NFP) report is released on Friday, which some believe will kick-start the new trading year with decision-makers fully back at work.

BTC gained 2.5 per cent during the session to sell at $101,864.32, Binance Coin (BNB) also appreciated by 2.5 per cent to close at $730.65, Ripple (XRP) increased its value by 1.4 per cent to $2.43, Dogecoin (DOGE) rose by 1.2 per cent to settle at $0.3907, Solana (SOL) recorded a 0.9 per cent growth to trade at $216.30, Cardano jumped by 0.7 per cent to end at $1.09, and Ethereum (ETH) expanded by 0.2 per cent to $3,673.05.

But the price of Litecoin (LTC) went down on Monday by 1.5 per cent to close at $112.92, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.