Naira Gains Against Dollar in Tuesday Trading Session

On Tuesday, Naira showed resilience against the dollar in the official foreign exchange market to close higher at 5.1% or N878.61/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This showed an improvement when compared with the previous trading day rate which closed at N925.34/$1. 

Even though the Naira finished a bit positive against the dollar yesterday, it still finished negative against some global currencies. It fell by N33.60 against Pound Sterling to close at N1,163.87/£1, followed with a decline of N26.36 against the Euro to close at N966.05/€1.

Data from the FMDQ Securities Exchange reveals that FX transactions for Tuesday totaled $58.46 million, which represented a 20.3% decrease from the previous day’s $73.33 million.

In the Peer-to-Peer (P2P) market, the Naira declined against the US dollar by N12, reaching N1,369/$1 on Tuesday, compared to N1,357/$1 on the preceding day.

In the parallel market, the Naira fell against the US Dollar by N5 to close at N1,365/$1 on Tuesday, contrasting with the previous day’s rate of N1,360/$1.

A Look at Cryptocurrency 

In the crypto market, Bitcoin fell by 20% from its previous peak ($49,000) which was referred to as the highest since it hit the market. This fall was attributed to the approval of the first spot bitcoin exchange-traded fund (ETF) in the United States. Bitcoin now settles at $39,684.17 (approximately $40).

Coins that declined yesterday 

Coins that fell include Ethereum (ETH) which declined by 3.2% to settle at $2,238.34, Dogecoin (DOGE) declined by 2.7% to close at $0.0781, Litecoin (LTC) declined by 2.5% to close at $65.39, Binance Coin (BNB) declined by 2.4% to close at $297.00, Ripple (XRP) declined by 1.7% to close at $0.5171, and Cardano (ADA) declined by 0.5% to close $0.4756.

Coins that appreciated yesterday 

However, Solana (SOL) increased by 0.5% to close at $83.74, and the US Dollar Tether (USDT) increased by 0.04% to close at $0.9993, 

Coins that finished flat yesterday

The US Dollar Coin (USDC) traded flat at $1.00.

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