The Naira started the new week at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on a good note as its value improved against the US Dollar on Monday by 27 Kobo or 0.02 per cent to sell for N1,534.39/$1 compared with the N1,534.66/$1 it was exchanged last Friday.
This positive performance was extended to the Pound Sterling in the same market segment yesterday as it gained N3.29 to close at N2,059.37/£1 compared with the N2,062.66/£1 it was traded in the previous trading session and chalked up N14.10 on the Euro to quote at N1,786.74/€1, in contrast to the N1,800.84/€1 it was transacted in the preceding trading day.
However, in the black market, the value of the Nigerian currency depreciated against its American counterpart on Monday by N5 to close at N1,540/$1 compared with the previous session’s rate of N1,535/$1, according to data obtained by Business Post.
There are expectations that the Naira is projected to remain stable in the official market as capital inflows have equally rebounded since global financial pressures eased with the FX market continuing to attract foreign portfolio investments and bolster investor confidence.
As for the cryptocurrency market, it turned red yesterdat as investors chased liquidity with developments around leverage, regulatory overhang, and pullback in portfolio rebalancing affecting the market, with Dogecoin (DOGE) shedding 6.6 per cent to sell at $0.2297.
Further, Cardano (ADA) lost 5.2 per cent to trade at $0.8021, Litecoin (LTC) depreciated by 4.7 per cent to $110.12, Solana (SOL) slid by 4.5 per cent to $185.27, Ripple (XRP) declined by 3.9 per cent to $3.16, Ethereum (ETH) crashed by 2.4 per cent to $3,817.91, Binance Coin (BNB) slumped by 2.1 per cent to $832.82, and Bitcoin (BTC) fell by 0.5 per cent to $118,930.09, and the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.