The Naira was exchanged at N1,360.55/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, June 9, compared with the N1,362.84/$1 it was exchanged a day earlier, indicating an appreciation of N2.29 or 0.17 per cent against the United States Dollar.
It also gained 74 Kobo against the Euro in the same market segment to quote at N1,573.61/€1, in contrast to Monday’s closing price of N1,574.35/€1, but lost N1.71 against the Pound Sterling to trade at N1,823.00/£1 versus the preceding day’s N1,821.29/£1.
At the black market window, the Nigerian currency maintained stability against the greenback during the session at N1,380/$1, and also traded flat at the GTBank FX counter at N1,373/$1.
Market analysts say the ongoing implementation of the fourth edition of the Foreign Exchange Manual by the Central Bank of Nigeria (CBN) since June 1 has strengthened the Naira and the country’s foreign reserves, bolstering confidence in the market.
The new manual is expected to deepen FX transparency, improve liquidity and strengthen market confidence and liquidity, as it aligns with the apex bank’s broader vision of ensuring that businesses and individuals have equal access to FX in a transparent and liquid market.
The gross external reserves have climbed to a record $50.04 billion, reinforcing investor confidence and boosting the CBN’s capacity to support the local currency.
As for the cryptocurrency market, expectations for higher interest rates sapped demand for non-yielding assets. The latest crypto pullback appears driven by a short squeeze rather than fresh buying, as more than $500 million in bearish bets were liquidated and spot demand.
Cardano (ADA) depreciated by 5.5 per cent to $0.1603, Ripple (XRP) declined by 5.2 per cent to $1.11, Solana (SOL) fell by 4.6 per cent to $64.05, Ethereum (ETH) tumbled by 3.5 per cent to $1,626.51, Dogecoin (DOGE) crashed by 3.6 per cent to $0.0835, Bitcoin (BTC) dropped 3.2 per cent to trade at $61,292.98, Binance Coin (BNB) slumped by 2.9 per cent to $585.26, and TRON (TRX) slipped by 0.9 per cent to $0.3220, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $0.9997 and $0.9998, respectively.