The Naira pulled off a sterling performance against the United States Dollar in the different segments of the foreign exchange (FX) market on Thursday, gaining N10 on the greenback in the parallel market to sell for N1,530/$1 compared with the previous day’s N1,540/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment yesterday, the Nigerian currency appreciated against the Dollar for the fourth consecutive session by N8.50 or 0.56 per cent to quote at N1,512.96/$1, in contrast to the previous day’s value of N1,521.46/$1.
Equally, the Naira gained N6.88 against the Pound Sterling in the official market on Thursday to trade at N2,036.44/£1 versus the preceding session’s N2,043.32/£1 and appreciated against the Euro by N10.42 to close at N1,764.21/€1 compared with the previous day’s N1,774.63/€1.
The local currency has attained stability this month, backed by robust FX liquidity and an efficient FX market. Specifically, analysts expect sustained inflows from foreign portfolio investors (FPIs) due to stronger market confidence.
Additionally, improving non-oil exports, as well as limited incentives for naira speculation, are expected to reinforce steady inflows from domestic sources.
The long-term stability of the Naira has been predicted, given the rising inflows of foreign capital and surge in foreign reserves levels.
The sustained reserves accretion, decline in inflation rate, commodities prices dip, as well as long-term Naira stability have been attributed to the ongoing economic reforms instituted by the federal government.
In the cryptocurrency market, profit-taking took charge as analysts weighed the bigger risk of pullback, especially with trend showing that September has usually been a month of consolidation ahead of stronger fourth-quarter performance.
Other analysts noted that this year’s correction might be shallower if ETF inflows, corporate treasury allocations, and regulatory tailwinds materialize.
Solana (SOL) went down by 1.2 per cent to sell at $204.49, Ethereum (ETH) declined by 1.1 per cent to $4,338.40, Ripple (XRP) slipped by 0.7 per cent to $2.80, Dogecoin (DOGE) lost 0.5 per cent to close at $0.2142, Cardano (ADA) slumped by 0.2 per cent to $0.8171, and Binance Coin (BNB) depreciated by 0.1 per cent to $846.82.
However, Bitcoin (BTC) rose by 0.8 per cent to $111,599.00 and Litecoin (LTC) appreciated by 0.7 per cent to $111.94, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.