Nigerian Naira Sees Small Gains Amid Cryptocurrency Market Downturn

The Nigerian Naira has seen some movement in the foreign exchange market, but it's not all good news. At the official NAFEM market, the currency gained a small amount to trade at N1,357.65/$1 on Thursday, August 13. This is a slight improvement from the previous day's rate of N1,360.58/$1.

However, in the black market segment, the Naira remained unchanged at N1,395/$1. The GTBank forex desk did see some activity, with the Nigerian currency gaining N3 against the greenback to settle at N1,367/$1.

The Central Bank of Nigeria (CBN) has made some changes to its Standing Lending Facility (SLF), allowing institutions that accessed it to participate in primary government securities transactions and FX without losing access. This move is aimed at boosting liquidity in the market.

Meanwhile, the cryptocurrency market saw prices fall due to the US inflation report. The expected push beyond established trading ranges failed to materialize, with notable losers including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).