Market News
Naira Gains N1.29 to Trade at N1,532$1 at NAFEM - BUSINESS POST
By Adedapo Adesanya
The value of the Naira appreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, August 4 by N1.29 or 0.08 per cent to quote at N1,532.65/$1, in contrast to the N1,533.94/$1 it was exchanged last Friday.
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Equally, the Nigerian currency gained 23 Kobo against the Pound Sterling in the official market during the trading day to sell for N2,038.26/£1 compared with the preceding session’s rate of N2,038.49/£1, but, lost N18.54 against the Euro to settle at N1,774.00/€1 versus the previous trading day’s N1,755.46/€1.
In the black market window, the exchange rate of the Nigerian Naira to the US Dollar remained unchanged at N1,540/$1 on the first trading day of the week.
The domestic currency has remained relatively stable in the different segments of the forex market amid growing external reserves and earnings from crude oil sales.
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It was disclosed yesterday that Nigeria’s oil output, which accounts for the lion share of its foreign earnings, surpassed 1.8 million barrels per day, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Meanwhile, the cryptocurrency market firmed up on MOnday even as US President Donald Trump levied fresh tariffs across Asia and Europe, and dampened the mood in the global market, with risky bets suffering.
Market analysts noted that although there were concerns over President Trump’s tariff stance and the US Federal Reserve’s signal that it’s not keen to cut rates soon, opportunistic buyers are already stepping in to buoy prices.
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Litecoin (LTC) gained 10.9 per cent to sell at $123.30, Solana (SOL) rose by 4.4 per cent to $168.76, Ethereum (ETH) increased by 4.1 per cent to $3,669.31, Dogecoin (DOGE) jumped by 3.0 per cent to $0.2070, Cardano (ADA) grew by 2.1 per cent to $0.7480, Ripple (XRP) appreciated by 2.0 per cent to $3.03, Binance Coin (BNB) expanded by 1.7 per cent to $766.10, and Bitcoin (BTC) improved by 0.2 per cent to $114,368.15, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
