By Adedapo Adesanya
The Naira recorded a 0.79 per cent or N12.63 appreciation on the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, August 29 to close at N1,593.93/$! compared with the preceding day’s value of N1,606.56/$1.
The value appreciation came amid a decline in the FX turnover during the session at the spot market, according to data from the FMDQ Securities Exchange.
When trading activities closed for the day, $155.52 million worth of trades were carried out compared with the preceding day’s $160.94 million, indicating a decline of $5.42 million or 3.4 per cent.
The outcome was occasioned by the inaction of the Central Bank of Nigeria (CBN) to inject forex into the market for the consecutive week, after going on a spree earlier in the month.
At NAFEM, the local currency appreciated against the British Pound Sterling on Thursday by N18.12 to wrap the session at N2,098.57/£1 compared with Wednesday’s closing price of N2,116.69/£1 and improved its value by N16.82 against the Euro to sell at N1,765.80/€1, in contrast to the midweek’s N1,782.62/€1.
However, the Naira lost N5 against the US Dollar in the parallel market during the trading session to finish at N1,620/$! versus the previous day’s N1,615/$1.
Meanwhile, the cryptocurrency market turned bearish as investors and traders took profit as neither bears nor bulls were dominating.
The losers were led by Solana (SOL), which recorded a 2.9 per cent depreciation to sell at $139.82, Ripple (XRP) went down by 1.4 per cent to trade at $0.5633, Binance Coin (BNB) slid by 0.5 per cent to $536. 47, Ethereum (ETH) weakened by 0.3 per cent to quote at $2,532.94, and Dogecoin (DOGE) decreased by 0.2 per cent to finish at $0.0995.
However, Cardano (ADA) added 0.9 per cent to trade at $0.356, Bitcoin (BTC) appreciated by 0.5 per cent to close at $59,549.11, and Litecoin (LTC) grew by 0.2 per cent to $62.20, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.