The Nigerian naira displayed resilience in the official foreign exchange market on Tuesday, closing 5.1% stronger against the US dollar at N878.61/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM). This marked a notable improvement from the previous day’s rate of N925.34/$1. However, the naira encountered challenges against other major currencies, depreciating by N34.60 against the Pound Sterling to close at N1,163.87/£1 and losing N26.36 against the Euro, settling at N996.05/€1.
Data sourced from the FMDQ Securities Exchange revealed that FX transactions totaled $58.46 million on Tuesday, representing a 20.3% decrease from the previous day’s $73.33 million.
In the Peer-to-Peer (P2P) market, the naira weakened against the US dollar by N12, closing at N1,369/$1 on Tuesday, compared to N1,357/$1 on the preceding day.
The parallel market witnessed the naira depreciating against the US Dollar by N5, closing at N1,365/$1 on Tuesday, in contrast to the previous day’s rate of N1,360/$1.
In the cryptocurrency market, Bitcoin faced a 20% drop from its recent peak of $49,000 following the approval of the first spot bitcoin exchange-traded fund (ETF) in the United States. Bitcoin, the largest cryptocurrency, lost 0.3%, settling at $39,684.17.
Other major cryptocurrencies experienced declines, including Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), Binance Coin (BNB), Ripple (XRP), and Cardano (ADA). However, Solana (SOL) saw a 0.5% increase, reaching $83.74, and the US Dollar Tether (USDT) appreciated by 0.04% to $0.9993, while the US Dollar Coin (USDC) traded flat at $1.00.
