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Naira Sells N806.73/$1 at Official Market Amid 92.9% Jump in Forex Supply

By Adedapo Adesanya

The supply of foreign exchange (FX) into the Nigerian Autonomous Foreign Exchange Market (NAFEM) improved by 92.9 per cent or $68.7 million on Tuesday to $142.63 million from $73.93 million on Monday, according to data obtained from the FMDQ Securities Exchange.

This improvement in forex liquidity into the official market supported the Naira to gain weight against the United States Dollar yesterday, as its value soared by N31.04 or 3.7 per cent to N806.73/$1 from the N837.77/$ it ended a day earlier.

This also trickled down to the parallel market, which witnessed less pressure from customers, helping the local currency firm up by N5 against the greenback during the trading session to close at N1,165/$1 compared with the preceding day’s rate of N1,170/$1.

However, in the Peer-to-Peer (P2P) window of the FX market, the domestic currency depreciated against its American counterpart yesterday by N4 to trade at N1,162/$1, in contrast to Monday’s closing price of N1,158/$1.

It was the same story for the Nigerian currency in the spot market against the Pound Sterling as it shed N171.93 to quote at N1,203.50/£1 versus the previous day’s N1,031.57/£1 and against the Euro, it weakened by N146.37 to settle at N1,031.30/€1 versus N884.93/€1.

As for the digital currency market, it was all red for the key tokens monitored by Business Post on Tuesday, with Bitcoin (BTC) losing 0.5 per cent to sell at $41,698.17, and Solana (SOL) going down by 7.5 per cent to trade at $59.96.

Further, Ripple (XRP) depreciated by 2.4 per cent to $0.6183, Litecoin (LTC) went down by 2.1 per cent to $72.47, Cardano (ADA) shrank by 1.4 per cent to $0.4029, Binance Coin (BNB) fell by 1.1 per cent to trade at $231.63, Ethereum (ETH) tripped by 1.0 per cent to finish at $2,228.93, and Dogecoin (DOGE) depreciated by 0.8 per cent to sell at $0.0896, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

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