By Adedapo Adesanya
The Naira gained strength against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, September 13 by N91.01 to finish at N1,558.75/$1, in contrast to the previous day’s N1,649.76/$1.
The recovery from the preceding session’s sharp decline, which plunged it to a new low, happened after the market witnessed an improved FX supply.
According to data obtained from the FMDQ Securities Exchange yesterday, the value of forex transactions on the last session of the week closed at $221.24 million.
Earlier in the week, the Nigerian government announced that its initial $500 million domestic bond raise programme was oversubscribed by $400 million, indicating a considerable interest in the country’s economy. While the news initially helped the market, indications that priority may not primarily be on the FX market soured sentiments.
At the official market on Friday, the value of the local currency closed flat against the Pound Sterling at N2,067.96/£1 but weakened against the Euro at the same market window by N67.98 to settle at N1,816.83/€1 versus Thursday’s closing price of N1,748.85/€1.
At the black market, the Naira remained unchanged against the greenback during the trading day at N1,660/$1.
As for the digital currency, most of the tokens tracked by Business Post ended in positive territory on news that the US Federal Reserve will embark on its first easing cycle since 2019.
Speculations remain on whether the central bank will cut its benchmark lending rate by 25 or 50 basis points next week.
Bitcoin (BTC) gained 3.7 per cent to quote at $59,996.71, Dogecoin (DOGE) appreciated by 3.6 per cent to sell at $0.1067, and Litecoin (LTC) added 3.5 per cent to trade at $65.06.
In addition, Ethereum (ETH) grew by 3.2 per cent to $2,420.52, Solana (SOL) moved up by 2.8 per cent to $138.27, Binance Coin (BNB) expanded by 2.3 per cent to $553.08, Ripple (XRP) increased by 1.5 per cent to $0.5781, and Cardano (ADA) advanced by 0.6 per cent to $0.359, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00, respectively.