The value of the Naira further tumbled against the United States Dollar by N1.78 or 0.13 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) to N1,363.83/$1 on Thursday, June 11, from N1,362.05/$1 on Wednesday.
However, it gained N6.08 on the Pound Sterling in the official market to trade at N1,821.25/£1 versus midweek’s rate of N1,827.33/£1, and appreciated against the Euro by N2.46 to sell at N1,572.89/€1 compared with the preceding session’s N1,575.35/€1.
At the GTBank forex counter, the Nigerian Naira lost N1 against the Dollar during the session to quote at N1,371/$1, in contrast to Wednesday’s value of N1,370/$1, and at the parallel market, it remained unchanged at N1,380/$1.
The Nigerian currency is expected to be steady, underpinned by Dollar sales by the Central Bank of Nigeria (CBN), especially with gross external reserves rising to $50.439 billion, reflecting sustained inflows from oil revenue and other FX sources.
Traders expect the local currency to remain stable as the central bank continues to sell dollars and keep up its aggressive OMO (Open Market Operations) programme to mop up Naira
Confidence in the Naira remains firm with recent nods from S&P, World Bank, and the International Monetary Fund (IMF).
A look at the cryptocurrency market showed that it was bullish on Thursday, as President Donald Trump said the US was close to a deal with Iran and that he had “ended the war with Iran today.” Markets read it as the end of a conflict that has whipsawed prices for more than 100 days.
Market analysts noted that a calmer Middle East takes pressure off oil, which eases the inflation that has fed bets on higher interest rates – the same rate fear that helped drag crypto down this week.
Cardano (ADA) rose 2.5 per cent to $0.1683, Solana (SOL) appreciated by 1.5 per cent to $66.05, Ripple (XRP) grew by 1.3 per cent to $1.12, Dogecoin (DOGE) expanded by 0.6 per cent to $0.0853, Bitcoin (BTC) jumped 0.4 per cent to $62,909.08, Binance Coin (BNB) soared by 0.3 per cent to $596.41, Ethereum (ETH) increased by 0.2 per cent to $1,655.02, US Dollar Tether (USDT) advanced by 0.11 per cent to $1.00, and US Dollar Coin (USDC) improved by 0.03 per cent to $1.00, while TRON (TRX) slumped by 2.8 per cent to $0.3126.
