Naira Value Improves to N1,538/$1 at NAFEM, N1645/$1 at Parallel Market

Equally, the domestic currency improved its value against the Pound Sterling in the official market during the session by N4.76 to sell at N1,925.45/£1 compared with the preceding session’s N1,930.21/£1 and against the Euro, it gained N2.68 to quote at N1,595.41/€1 versus the preceding rate of N1,598.09/€1.

Also, in the parallel market, the local currency gained N5 against the Dollar during the trading session to settle at N1,645/$1, in contrast to the N1,650/$1 it was exchanged a day earlier.

Since the Central Bank of Nigeria (CBN) introduced the Electronic Foreign Exchange Matching System (EFEMS), which sets new guidelines for authorised Foreign Exchange (FX) dealers earlier in the month of December, the Naira has continued to regain its footing.

However, Fitch Ratings said that while the introduction of the electronic FX matching platform is a step towards greater transparency, progress in addressing FX challenges has been slower than anticipated.

In the cryptocurrency market, profit-taking synonymous with the end of the year occurred with traders expecting the current price action to likely continue until February, weeks after US President-elect, Mr Donald Trump, takes office in the U.S. and set into motion a barrage of policies that may help the market.

Ethereum (ETH) lost 1.9 per cent to trade at $3,333.72, Solana (SOL) slid by 1.7 per cent to $189.36, Cardano (ADA) shrank by 1.6 per cent to $0.8496, Dogecoin (DOGE) fell by 1.4 per cent to $0.3148, Bitcoin (BTC) slumped by 1.2 per cent to $93,237.72, Binance Coin (BNB) declined by 0.6 per cent to close at $701.85, and the US Dollar Tether (USDT) lost 0.02 per cent to finish at $0.9981.

However, Litecoin (LTC) rose by 3.3 per cent to sell at $103.44, and Ripple (XRP) grew by 1.9 per cent to $2.12, while the US Dollar Coin (USDC) traded flat at $1.00.