The Nigerian currency appreciated against the Dollar on Tuesday, July 8. by N10 to close at N1,530/$1, in contrast to the N1,540/$1 it was exchanged on Monday, buoyed by improvement in the supply of foreign exchange (FX) into the system.
Hoarding of forex is gradually becoming unattractive because of Naira stability in the various segments of the FX market lately, resulting in quick disposal of foreign currencies in exchange for the local currency.
However, market volatility affected the value of the Naira to the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) yesterday, giving up 0.65 per cent or N9.89 at the close of business to trade at N1,529.89/$1 compared with the previous day’s rate of N1,520.00/$1.
In the same vein, the Nigerian Naira weakened against the Pound Sterling in the same market segment yesterday by N14.07 to quote at N2,098.25/£1 compared with the N2,084.18/£1 it was traded a day earlier, but gained N5.99 against the Euro to settle at N1,787.66/€1 compared with the previous session’s value of N1,793.65/€1.
As for the cryptocurrency market, there was a recovery on Tuesday after a choppy start to the week, easing fears of a deeper pull-back following last week’s tariff-linked jitters.
Total crypto capitalization rose above $3.3 trillion suggests a minimal increase in buying and selling pressure although some analysts say low trading volume and rising volatility are signals that the market could face near-term pressure.
Ethereum (ETH) gained 2.9 per cent to close at $2,610.43, Dogecoin (DOGE) jumped by 2.1 per cent to sell at $0.1707, Cardano (ADA) added 1.9 per cent to quote at $0.5890, Litecoin (LTC) increased its value by 1.9 per cent to $87.65, and Solana (SOL) rose by 1.6 per cent to $150.89.
Further, Ripple (XRP) appreciated by 1.2 per cent to finish at $2.30, Bitcoin (BTC) expanded by 0.7 per cent to end at $108,972.14, and Binance Coin (BNB) grew by 0.4 per cent to $659.87, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00, respectively.