Naira Value Improves to N1,552/$1 at Official Market

By Adedapo Adesanya

The Naira appreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, October 14, 2024.

Data from the FMDQ Securities Exchange revealed that the local currency improved its value by 5.4 per cent or N88.25 on the greenback to settle at N1,554.92/$1 compared with the preceding day’s N1,641.27/$1/

Equally, the Nigerian currency gained in the official market yesterday against the Pound Sterling by N36.64 to wrap the session at N2,089.62/£1 versus the preceding day’s N2,126.26/£1.

In the same vein, the Naira improved against the Euro by N23.57 to sell at N1,749.12/€1 versus N1,772.69/€1 it was exchanged last Friday.

The appreciation recorded by the domestic currency happened despite the value of forex transactions shrinking by 44.3 per cent or $273.02 million to $343.71 million from the $616.73 million recorded last Friday.

In the parallel market, the Nigerian Naira remained unchanged against the US Dollar yesterday at N1,700/$1.

As the cryptocurrency market, Bitcoin (BTC) climbed above $65,000, influenced by positive movements in the S&P 500 and expectations of stimulus in China. BTC recorded a 2.5 per cent gain during the trading day to settle at $65,466.83.

Also, traders argued that historical price patterns witnessed ahead of prior US presidential elections, particularly in 2016 and 2020, might offer a reason for the market to be bullish ahead of November’s upcoming vote.

Dogecoin (DOGE) led the gainers in the last 24 hours as it recorded a value appreciation of 3.8 per cent to sell at $0.116, Ethereum (ETH) gained 2.9 per cent to trade at $2,602.61, Litecoin (LTC) added 2.4 per cent to finish at $66.80, and Solana (SOL) jumped by 2.2 per cent to close at $154.57.

Further, Cardano (ADA) rose by 1.7 per cent to quote at $0.3582, Ripple (XRP) improved its value by 1.5 per cent to end at $0.5447, and Binance Coin (BNB) went up by 0.7 per cent to $583.26, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.