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Cryptocurrency News Articles
Naira Appreciates to N1,540.78/$1 in NAFEX as CBN Injects FX into BDC Market
Sep 28, 2024 at 07:39 pm
By Adedapo Adesanya The Naira appreciated yet again against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, September 27 to N1,540.78/$1 following recent injection into other segments of the market.
The Naira appreciated further against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, September 27, closing at N1,540.78/$1, following recent forex injection into other segments of the market.
In the preceding session, the local currency firmed to N1,576.10/$1 before gaining another 2.24 per cent or N35.32 yesterday, according to data obtained from FMDQ Securities Exchange.
This appreciation was supported by FX liquidity from the central bank, although the value of forex turnover for the trading day went down by 36.4 per cent or $121.74 million to $212.31 million from the preceding day’s $334.05 million.
The Central Bank of Nigeria (CBN) this week moved to stabilise the local currency by injecting forex into the Bureau de Change (BDCs) segment of the forex market. This has eased pressure on the official market, leading to a significant rise in the rates.
Meanwhile, the local currency was flat against the Pound Sterling and the Euro in the official forex market at the closing session of the week at N2,187.81/£1 and N1,822.82/€1, respectively.
However, in the parallel market, the domestic currency depreciated by N5 against the dollar on Friday, selling at N1,695/$1 compared to the preceding session’s N1,690/$1.
In the digital currency market, most of the benchmarked tokens were in the mixed territory, with Ripple (XRP) growing by 2.1 per cent to settle at $0.6032. The coin has attracted the attention of traders following the reduction in interest rates by the US Federal Reserve, which has become a primary catalyst for the recovery of a large portion of cryptocurrencies.
Litecoin (LTC), which has also captured the attention of the crypto community with its impressive price record, surged 1.7 per cent to close at $70.18 and Ethereum (ETH) rose by 0.2 per cent to $2,672.80.
On the flip side, Cardano (ADA) flipped 2.9 per cent to $0.3962, Dogecoin (DOGE) fell by 1.5 per cent to sell at $0.1223, Solana (SOL) slumped by 1.4 per cent to $155.89, Binance Coin (BNB) went down by 1.0 per cent to $600.92, and Bitcoin (BTC) declined by 0.1 per cent to $65,666.82, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 apiece.
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