It was not a good day for the Nigerian Naira at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, June 23 as its value shrank against the United States Dollar during the session by 0.05 per cent or 82 Kobo to sell for N1,547.71/$1 versus the preceding day’s N1,547.71/$1.
Equally, the local currency depreciated against the Pound Sterling at NAFEM yesterday by N1.40 to settle at N2,082.76/£1 compared with last Friday’s closing value of N2,081.36/£1 and against the Euro, it declined by N3.16 to quote at N1,782.51/€1, in contrast to the N1,799.35/€1 it was exchanged in the previous trading day.
As for the black market, the Naira maintained stability against the greenback on the first trading session of the week to trade at N1,580/$1.
In the cryptocurrency market, there were recoveries as US President Donald Trump announced a “total ceasefire” between Israel and Iran, easing market fears and boosting investor confidence.
“On the assumption that everything works as it should, which it will, I would like to congratulate both Countries, Israel and Iran, on having the Stamina, Courage, and Intelligence to end, what should be called, ‘THE 12 DAY WAR’,” President Trump wrote on his Truth Social site.
Traders are now more confident the US Federal Reserve could cut interest rates soon. The chance of a rate cut by November has risen sharply, offering potential tailwinds for crypto’s next move.
On Monday, Solana (SOL) recorded a 8.1 per cent appreciation to sell at $145.25, Ripple (XRP) gained 7.8 per cent to close at $2.19, Dogecoin (DOGE) jumped by 7.5 per cent to finish at $0.1661, and Ethereum (ETH) improved by 7.4 per cent to settle at $2,418.05.
Further, Cardano (ADA) went up by 7.2 per cent to end at $0.5897, Litecoin (LTC) chalked up 5.3 per cent to quote at $84.99, Bitcoin (BTC) gained 3.5 per cent to trade at $105,498.92, and Binance Coin (BNB) rose by 3.1 per cent to $642.39, and the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.