Naira Gains Ground Amid Cooling Demand for FX
The Nigerian Naira gained ground against major currencies on Friday, August 22, amidst cooling demand for foreign exchange. The local currency appreciated by 0.08% to trade at N1,346.49/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM), compared to Thursday's rate of N1,347.63/$1.
The Central Bank of Nigeria (CBN) data showed that interbank FX turnover fell by 132.8% to $159.7 million from $371.8 million, with the number of deals decreasing to 109 from 134.
The Naira also fared well against other major currencies, including the Pound Sterling and Euro. Against the Pound, it gained N1.95 to settle at N1,836.75/£1, while against the Euro, it rose by N1.86 to quote at N1,573.11/€1.
Experts expect the Naira to remain broadly unchanged in the coming days, supported by expected inflows from offshore investors. Meanwhile, the cryptocurrency market continued its upward trend, with major cryptocurrencies such as Bitcoin, Ripple, and Ethereum showing significant gains.