search
Homeweb3.0Naira Appreciates against US Dollar by 4.5% in NAFEM Market

Naira Appreciates against US Dollar by 4.5% in NAFEM Market

Oct 09, 2024 pm 06:46 PM
Naira Dollar Official FX Market

The Naira appreciated against the US Dollar by 4.5 per cent or N73.39 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday

Naira Appreciates against US Dollar by 4.5% in NAFEM Market

The Naira appreciated against the US Dollar by 4.5 per cent or N73.39 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, October 5 amid improvement in the supply of forex.

The official market exchange rate yesterday was N1,561.76/$1, in contrast to the N1,635.15/$1 recorded in the preceding trading session.

Also, the domestic currency gained N43.82 against the British Pound Sterling in the spot market during the trading day to quote at N2,131.62/£1 compared with Monday’s closing price of N2,175.44/£1 and remained unchanged against the Euro at N1,788.98/€1.

The value of FX trades in the official market on Tuesday significantly went up by 100.9 per cent or $127.44 million to $253.68 million from the $126.24 million recorded a day earlier.

However, in the parallel market, the local currency weakened against the United States currency yesterday by N5 to trade at N1,680/$1 versus the N1,675/$1 it was exchanged in the previous trading session, amid the seasonal forex demand from customers.

Meanwhile, the cryptocurrency market turned bullish yesterday as investors weighed easing concerns about a spiralling escalation in the Middle East after a Hezbollah leader reportedly supported efforts for a potential ceasefire with Israel.

The developments saw Binance Coin (BNB) go up by 3.6 per cent to trade at $583.83, with Dogecoin (DOGE) expanding its value by 2.1 per cent to sell at $0.1092, and Litecoin (LTC) appreciating by 1.6 per cent to close the day at $65.88.

In addition, Ethereum (ETH) jumped by 1.3 per cent to sell at $2,449.11, Ripple (XRP) gained 0.7 per cent to settle at $0.5324, Solana (SOL) recorded a 0.6 per cent appreciation to quote at $143.83, and Bitcoin (BTC) remained around to the $62,000 mark after it chalked up 0.3 per cent to trade at $62,486.31.

However, the value of Cardano (ADA) went down on Tuesday by 0.9 per cent to close at $0.3472, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

The above is the detailed content of Naira Appreciates against US Dollar by 4.5% in NAFEM Market. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
The latest version of the latest version of the mobile download and installation of Bit Exchange appThe latest version of the latest version of the mobile download and installation of Bit Exchange appApr 24, 2025 pm 12:21 PM

The Bitcoin Exchange app supports Android and iOS. Users can download and install it through the official website or the App Store. After registration, they can conduct cryptocurrency transactions and support multiple languages ​​and fiat currency recharges.

How much is a Bitcoin equivalent to? The latest price of BitcoinHow much is a Bitcoin equivalent to? The latest price of BitcoinApr 24, 2025 pm 12:18 PM

Bitcoin prices are affected by market supply and demand, macroeconomics, policy and technical factors. Investors can query real-time through platforms such as Coinbase and use risk management strategies to deal with their volatility.

The latest top ten digital virtual currency trading platforms rankings, currency trading platform app list 2025 latest versionThe latest top ten digital virtual currency trading platforms rankings, currency trading platform app list 2025 latest versionApr 24, 2025 pm 12:15 PM

Ranking of the top ten digital virtual currency trading platforms in 2025: Binance, OKX, Gate.io, Coinbase, Kraken, Huobi, Bitfinex, KuCoin, Bybit, Bitstamp, each with its own characteristics and advantages.

Ancoin Registration Tutorial for Beginners Tutorial 2025 Ancoin Exchange Registration Tutorial Latest VersionAncoin Registration Tutorial for Beginners Tutorial 2025 Ancoin Exchange Registration Tutorial Latest VersionApr 24, 2025 pm 12:12 PM

2025 Ancoin Exchange Registration Tutorial: Prepare your email and password, visit the official website to register, complete KYC verification, set 2FA and trading password to recharge and start trading.

What currency does USDT belong to? What are the advantages of USDT coins?What currency does USDT belong to? What are the advantages of USDT coins?Apr 24, 2025 pm 12:06 PM

USDT is a stablecoin issued by Tether, pegged to the US dollar, aimed at reducing market volatility and is widely used in transactions, payments and DeFi. It has high liquidity and stability, but also faces centralized and regulatory risks.

What is DLC currency? What is the prospect of DLC currencyWhat is DLC currency? What is the prospect of DLC currencyApr 24, 2025 pm 12:03 PM

DLC coins are blockchain-based cryptocurrencies that aim to provide an efficient and secure trading platform, support smart contracts and cross-chain technologies, and are suitable for the financial and payment fields.

How is the Bitcoin market? Bitcoin market forecastHow is the Bitcoin market? Bitcoin market forecastApr 24, 2025 pm 12:00 PM

Bitcoin price fluctuates greatly, exceeding US$60,000 in 2021, but then fell to US$30,000, and now it is stable between US$40,000 and US$50,000. Influencing factors include market sentiment, macroeconomics, regulatory policies, etc.

Which of the top ten transactions in the currency circle? The latest currency circle app recommendationsWhich of the top ten transactions in the currency circle? The latest currency circle app recommendationsApr 24, 2025 am 11:57 AM

Choosing a reliable exchange is crucial. The top ten exchanges such as Binance, OKX, and Gate.io have their own characteristics. New apps such as CoinGecko and Crypto.com are also worth paying attention to.

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Tools

VSCode Windows 64-bit Download

VSCode Windows 64-bit Download

A free and powerful IDE editor launched by Microsoft

Atom editor mac version download

Atom editor mac version download

The most popular open source editor

EditPlus Chinese cracked version

EditPlus Chinese cracked version

Small size, syntax highlighting, does not support code prompt function

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SublimeText3 English version

SublimeText3 English version

Recommended: Win version, supports code prompts!