The Naira further appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, September 3 by N4.30 or 0.28 per cent to close at N1,521.46/$1 compared with the preceding day’s N1,525.76/$1.
It also gained N1.55 against the Euro in the same market window to settle at N1,774.63/€1 compared with Tuesday’s closing rate of N1,776.18/€1, but lost N3.29 against the Pound Sterling to trade at N2,040.03/£1versus the N2,043.32/£1 it was exchanged a day earlier.
In the black market, the value of the Nigerian Naira against the greenback remained unchanged at N1,540/$1.
The Naira remains boosted by robust foreign exchange (FX) liquidity and an efficient market, as sustained inflows from foreign portfolio investors (FPIs), improving non-oil exports, and limited incentives for Naira speculation are expected to reinforce steady inflows from domestic sources.
President Bola Tinubu also stated that the local currency has strengthened against the Dollar under his watch.
“The economy has stabilised, nobody is trading a piece of paper for an exchange rate anymore,” President Tinubu claimed this week, adding that, “When I took over, it was N1,900 to a Dollar. It’s N1,450 now. It’s been stabilising there. You don’t have to know Cardoso before you get your foreign exchange,” a statement that has been widely disputed.
Key economic reforms implemented by the Tinubu administration in mid-2023 like the removal of the fuel subsidy on May 29, 2023, and the subsequent unification of the exchange rate windows by the Central Bank of Nigeria (CBN) on June 14, 2023, saw the Naira experienced a sharp devaluation to the N1,900 mark.
As for the cryptocurrency market, it was mixed amid growing concerns that the US Federal Reserve will cut rates this month, with Ethereum (ETH) chalking up 1.9 per cent to sell at $4,380.36.
Further, Dogecoin (DOGE) appreciated by 1.4 per cent to close at $0.2152, Ripple (XRP) recorded a 0.3 per cent improvement to finish at $2.83, and Bitcoin (BTC) grew by 0.1 per cent to settle at $110,706.91.
However, Cardano (ADA) slumped by 1.3 per cent to $0.8188, Solana (SOL) dropped 0.9 per cent to end at $206.69, Binance Coin (BNB) depreciated by 0.5 per cent to $864.87, and Litecoin (LTC) declined by 0.1 per cent to $111.13, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.