Naira Dips to N1,380.93/$1 in Official FX Market
By Aboki Forex —
The Naira weakened by 82 kobo or 0.06 per cent against the US dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26. It traded at N1,380.93/$1, down from N1,380.11/$1 the previous day.
The domestic currency also lost ground against the Pound Sterling, falling by N6.06 to settle at N1,824.90/£1. It dropped N10.74 on the Euro to sell at N1,577.58/€1.
At the GTBank forex counter, the Naira depreciated by N4 to close at N1,387/$1. In the parallel market, the rate held steady at N1,395/$1.
Interbank FX activity has been fluctuating. This comes as the Central Bank of Nigeria (CBN) slows down forex market interventions, allowing demand and supply to drive the market. A stronger US dollar has also put pressure on emerging-market currencies.
Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing deal with First Abu Dhabi Bank PJSC. The National Assembly approved the facility earlier this year. It is structured as a Total Return Swap with the UAE’s largest lender. The funds are meant for refinancing debt and supporting infrastructure. If the proceeds come into the country through the official FX market, they could boost dollar liquidity and currency reserves.
In the cryptocurrency market, Solana (SOL) rose 2.2 per cent to $71.92. Cardano (ADA) gained 1.1 per cent to $0.1474. Ripple (XRP) also added 1.1 per cent to $1.05. Dogecoin (DOGE) increased by 0.9 per cent to $0.0755. Ethereum (ETH) climbed 0.4 per cent to $1,578.84.
On the downside, TRON (TRX) fell 0.6 per cent to $0.3203. Binance Coin (BNB) dropped 0.3 per cent to $564.33. Bitcoin slipped 0.2 per cent to $60,219.37. The US Dollar Tether (USDT) and US Dollar Coin (USDC) stayed flat at $1.00 each.