Naira Gains against Dollar in Official, Parallel Market Segments as Forex Liquidity Improves

The value of the Naira to the Dollar improved in the official and parallel market segments of the foreign exchange (FX) market on Thursday amid improvement

The Naira appreciated against the Dollar at both the official and parallel market segments of the foreign exchange (FX) market on Thursday.

At the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency gained 0.6 per cent or N9.89 against the greenback yesterday to sell for N1,659.26/$1, in contrast to the preceding day’s closing rate of N1,669.15/$1, according to data from the FMDQ Securities Exchange.

The platform also revealed that the value of FX transactions during the trading day significantly rose by 155.3 per cent or $273.94 million to $450.39 million from the $176.45 million recorded at midweek.

This significant supply of forex to the spot market to meet the demands of FX users yesterday strengthened the local currency at the close of business.

However, this sterling performance was not witnessed with the Naira against the Pound Sterling as it fell at the official market by N56.00 to wrap the session at N2,199.65/£1 versus the preceding day’s N2,143.65/£1 and against the Euro, it weakened by N41.18 to close at N1,830.89/€1 versus N1,789.71/€1.

But the domestic currency put up a good performance against the greenback in the black market on Thursday as it gained N20 to trade at N1,675/$1 compared with the N1,695/$1 it was exchanged a day earlier.

In the cryptocurrency market, the majority of the coins were seen trading flat on Thursday evening as investors and traders exhibited calm following recent developments in the markets.

Solana (SOL) and XRP (XRP) led the losers’ chart, dropping by 1.7 per cent and 1.3 per cent respectively to trade at $139.17 and $0.5285 respectively, while ETH and USDC (USDC) also depreciated by 0.3 per cent each to sell at $2,379.60 and $0.9999 respectively.

On the other hand, DOGE appreciated by 2.6 per cent to trade at $0.1081, Litecoin (LTC) improved by 1.6 per cent to $64.46, Cardano (ADA) rose by 0.7 per cent to $0.3491, Binance Coin (BNB) went up by 0.1 per cent to $549.39, Bitcoin (BTC) gained 0.01 per cent to quote at $61,186.48, and the US Dollar Tether (USDT) closed flat at $1.00.

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