Naira Depreciates by 0.07% or N1.11 against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM)

The Naira witnessed a 0.07 per cent or N1.11 depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM)

The Nigerian Naira experienced a slight depreciation against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX), closing at N1,500.34/$1 on Tuesday, March 4, compared with the previous day’s rate of N1,499.23/$1, marking a 0.07 per cent or N1.11 decrease.

However, on the British Pound Sterling, the Naira appreciated by N3.46 to trade at N1,898.15/£1 versus Monday’s closing price of N1,901.61/£1. Against the Euro, it lost 25 Kobo to sell for N1,571.18/€1, in contrast to the preceding session’s N1,570.93/€1.

At the parallel market, the Nigerian currency weakened further against its American counterpart yesterday by N5 to finish at N1,515/$1 compared with the N1,510/$1 it was exchanged a day earlier.

According to market analysts, the Naira has remained relatively stable due to the steps taken by the Central Bank of Nigeria (CBN). The rate has remained between N1,499/$1 and N1,550/$1 in recent times as against the N1,600/$1 and N1,750/$1 some months ago.

Supply across official channels and informal channels has also been largely regulated with Bureau De Change (BDC) operators having access to a weekly forex of up to $25,000.

In the cryptocurrency market, there were gains after the market largely slumped on news of tariffs, but now, investors have tapped into the drops and increased buying.

The market also focused on the pledge of a crypto reserve that will see the country become a major player in the space.

During the session, Cardano (ADA) jumped by 13.4 per cent to trade at $0.9306, Binance Coin (BNB) went up by 4.8 per cent to $590.50, Bitcoin (BTC) rose by 3.5 per cent to finish at $87,128.53, Ethereum (ETH) added 3.4 per cent to close at $2,178.41, and Ripple (XRP) gained 3.3 per cent to close at $2.43.

Further, Solana (SOL) expanded by 2.9 per cent to $141.84, and Dogecoin (DOGE) appreciated by 2.2 per cent to $0.1975, while Litecoin (LTC) recorded a 2.9 per cent decline to trade at $102.38, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closing flat at $1.00 each.