Naira Tumbles by 0.86% as Nigeria’s Inflation Jumps to 34.19%

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The Naira depreciated against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday as Nigeria’s inflation rate rose to 34.19 per cent in June, reducing the chances of interest rate cuts.

Yesterday, the exchange rate closed at N1,577.29/$1 compared with last Friday’s closing price of N1,563.80/$1, according to data from the FMDQ Securities Exchange.

This indicates a decrease of N28.34 or 0.86 per cent in the value of the Naira against the Dollar. At the last trading session, the Naira had appreciated by 11.09 or 0.71 per cent against the Greenback to close at N1,563.80/$1 from the previous close of N1,574.89/$1.

However, the local currency appreciated against the Pound Sterling and the Euro during the session by N23.05 and N18.14 to sell for N2,034.74/£1 and N1,709.87/€1 respectively.

The Naira had lost N21.10 to the Pound and depreciated by N23.05 against the Euro at the last trading session to close at N2,057.79/£1 and N1,728.01/€1 respectively, compared with the preceding session’s rates of N2,036.69/£1 and N1,704.96/€1.

In the same vein, the local currency suffered a decline of N10 against the American Dollar on Monday to settle at N1,570/$1 compared with the preceding session’s exchange rate of N1,560/$1.

As for the crypto market, it appreciated yesterday as institutional inflow into investment products of digital assets hit a new record of $17.8 billion year-to-date, with Bitcoin and Ethereum leading the pack. This new record spells the beginning of a possible recovery of the general crypto market.  

This followed a very impressive week for crypto assets investment products pulling in over $1.44 billion in inflows last week. 

Dogecoin (DOGE) gained 3.7 per cent to sell at $0.1227, Ripple (XRP) rose by 4.7 per cent to trade at $0.5377, Binance Coin (BNB) went up by 2.6 per cent to $570.96, Solana (SOL) expanded by 2.5 per cent to $156.20, and Ethereum (ETH) also increased by 2.5 per cent to quote at $3,427.57.

In addition, Litecoin (LTC) advanced by 2.2 per cent to $72.24, Bitcoin (BTC) went up by 1.3 per cent to $63,745.50, and Cardano (ADA) surged by 0.1 per cent to $0.439, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 flat.

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