The Naira slightly depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, June 25 by 12 Kobo or 0.01 per cent to sell for N1,549.21/$1 compared with the previous day’s value of N1,549.09/$1.
However, the Nigerian Naira closed stronger against the Pound Sterling in the official market during the trading session by N26.03 to settle at N2,083.76/£1 compared with the previous day’s N2,109.79/£1 and firmed up by N14.76 against the Euro to sell for N1,783.36/€1, in contrast to the N1,778.12/€1 it was traded a day earlier.
In the parallel market, the Naira appreciated against the US Dollar yesterday by N5 to finish at N1,580/$1 compared with the N1,585/$1 it was transacted in the preceding trading day.
As for the digital currency market, it was bullish as easing geopolitical jitters were replaced with outlook from US interest rates.
This followed a dovish tone from US Federal Reserve Chair Jerome Powell during his semiannual testimony before the House Committee on Financial Services on Tuesday.
Mr Powell said “many paths are possible” regarding interest rates, including “cutting sooner” if inflation remains subdued.
Other officials of the US central bank, including Governors Michelle Bowman and Chris Waller, have indicated they expect rate cuts as early as the Federal Reserve’s July policy meeting, citing recent data that suggest inflationary pressures are under control.
During the trading day, Ethereum (ETH) rose by 1.7 per cent to quote at $2,481.07, Bitcoin (BTC) improved its value by 0.6 per cent to $107,754.02, Litecoin (LTC) expanded by 0.4 per cent to $85.43, Binance Coin (BNB) also increased by 0.4 per cent to $647.47 and Ripple (XRP) went up by 0.3 per cent to $2.18.
On the flip side, Cardano (ADA) lost 1.9 per cent to trade at $0.5711, Solana (SOL) recorded a decline of 0.9 per cent to quote at $144.99, and Dogecoin (DOGE) slumped by 0.8 per cent to finish at $0.1649, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.