The Naira weakened against the Dollar by 0.08 per cent or N1.39 to N1,660.83/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, November 27, from the preceding day’s value of N1,659.44/$1.
However, the value of the domestic currency remained stable against the Pound Sterling and the Euro in the official market yesterday at N2,116.44/£1 and N1,788.98/€1.
It was observed that the FX turnover for the trading session went down by 20.9 per cent or $88.91 million to $337.07 million from the $425.98 million recorded a day earlier, according to data obtained from FMDQ Securities Exchange.
As for the black market, the exchange rate of the Nigerian Naira to the US Dollar remained unchanged at the midweek session at N1,750/$1, according to data harvested by Business Post.
Speaking at the end of the 298th Monetary Policy Committee (MPC) meeting, the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said the apex bank remains committed to its core mandate of price and exchange rate stability in anchoring inflation.
“Members thus focused on the optimal policy choice to address the uptrend in price development, stabilize the exchange rate and anchor inflation expectations appropriately,” Mr Cardoso said.
In the cryptocurrency market, prices were largely positive for benchmarked tokens ahead of Thanksgiving weekend in the US which has historically recorded sudden price dumps.
Rising activity and a bump in revenue, fees, new wallets and on-chain volumes have also indicated further support for digital assets, which has gained support from an expected friendly environment in the US next year.
Ripple (XRP) grew by 7.4 per cent to $1.47, Binance Coin (BNB) appreciated by 5.3 per cent to $650.61, Ethereum (ETH) rose by 4.9 per cent to $3,571.110, Cardano (ADA) expanded by 4.4 per cent to $1.00, Solana (SOL) jumped by 3.4 per cent to $237.39, Dogecoin (DOGE) increased by 3.1 per cent to $0.4035, Bitcoin (BTC) went up by 2.6 per cent to $95,288.95 and Litecoin (LTC) gained 2.4 per cent to settle at $64.89, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
-By Adedapo Adesanya