By Adedapo Adesanya
The Naira appreciated by 0.8 per cent or N12.79 on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, September.
The local currency was exchanged in the official market yesterday at N1,585.77/$1 compared with last Friday’s closing value of N1,598.56/$1.
In the same vein, the domestic currency improved its value against the Pound Sterling at NAFEM on Monday by N5.60 to settle at N2,100.45/£1 versus last Friday’s N2.106.05/£1 and gained N2.81 on the Euro to quote at N1,769.28/€1 versus N1,772.09/€1.
The Naira has seen volatile levels this year despite policies of the Central Bank of Nigeria (CBN) to strengthen the FX market. In the last two weeks, the apex bank has paused FX sales which it had carried out to stabilise the market.
Data showed that the forex turnover in the spot market during the session went down by 58.8 per cent or $101.62 million to $71.18 million from the preceding trading day’s $172.80 million.
But at the parallel market, the Nigerian currency traded flat against its American counterpart during the session at N1,630/$1.
As for the digital currency market, it remained mixed on Monday as investors anticipated a slew of US economic data which could determine whether the Dollar will weaken and offer a tailwind to crypto and other risk assets.
The highest gainer was Ripple (XRP) which added 1.0 per cent in value to trade at $0.5664, followed by Ethereum (ETH) which jumped by 0.8 per cent to trade at $2,526.18, as Litecoin (LTC) appreciated by 0.4 per cent to sell at $65.02, and Binance Coin (BNB) went up by 0.3 per cent to $522.91.
On the flip side, Cardano (ADA) went down by 2.9 per cent to $0.3308, Solana (SOL) slumped by 1.9 per cent to trade at $133.07, Dogecoin (DOGE) recorded a 1.3 per cent slide to sell at $0.0979, and Bitcoin (BTC) slid by 0.2 per cent to $58,466.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.