Naira Appreciates Against Dollar In Official Market, Weakens In Black Market

esanya

The Naira gained 0.14 per cent against the US Dollar at the official market on Monday, December 23, appreciating by N2.13 to close at N1,539.55/$1 compared with last Friday’s exchange rate of N1,541.68/$1.

However, the Nigerian currency remained unchanged against the Pound Sterling and the Euro in the spot market during the session at N1,929.77/£1 and N1,597.64/€1, respectively.

Business Post gathered that the strengthening of the local currency against the greenback at the official market yesterday followed the recent changes made by the Central Bank of Nigeria (CBN), allowing Bureau De Change (BDC) operators to purchase FX from NAFEM.

The central bank stated that street forex traders could buy up to $25,000 weekly at the official rate on the condition that the profit margin should not exceed 1 per cent, a move the Association of Bureau De Change Operators of Nigeria (ABCON) commended, confessing it will help the value of the local currency in the near term.

Meanwhile, at the black market on Monday, the Naira depreciated by N5 against the US Dollar to sell for N1,655/$1, in contrast to the preceding session’s value of N1,650/$1.

A glance at the cryptocurrency market showed that most of the tokens tracked by this newspaper ended in the green, with Binance Coin (BNB) gaining 5.3 per cent to sell for $691.11 and Solana (SOL) growing by 5.2 per cent to $191.38.

Further, Litecoin (LTC) appreciated by 4.7 per cent to quote at $105.80, Ethereum (ETH) expanded by 4.4 per cent to $3,406.64, Ripple (XRP) added 3.8 per cent to close at $2.25, Dogecoin (DOGE) rose by 3.7 per cent to $0.3216, and Cardano improved its value by 2.3 per cent to trade at $0.903.

However, Bitcoin (BTC) depreciated during the trading session by 0.6 per cent to settle at $94,122.17, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.