Lagos, Nigeria – E be like say Naira don decide to play some games for forex market on Wednesday, August 13. For the Nigerian Autonomous Foreign Exchange Market (NAFEM) place, Naira gree smile as e gain ground against US Dollar, but for the black market, e be like say Naira don dey chop wahala.
As e stand, for black market, Naira lose N5 to settle for N1,560 per $1. Just last week, e dey na N1,555! Chai, na real drama! But no vex, for the official market, Naira gain small weight, closing at N1,534.91 for $1, up by N2.47 from N1,537.38. E really dey look like Naira get mood swings.
And e no end there, for spot market, Naira waka backward again against Pound Sterling, losing N8.91 to hit N2,082.45/£1. Meanwhile, for Euro, na another sad story as Naira lose N4.57, say hello to N1,796.21/€1 from N1,791.64. Wetin dey happen? Na only our Naira know that one!
Good news dey anywhere? E sweet for our ears say external reserves don increase, now we dey look at $40.229 billion! Last time we see such number na January. Looks like dem dey try raise the cash to make sure Naira no joing the struggle train.
For crypto world, na another gist as investors dey expect US Federal Reserve to cut interest rates by 25 basis points in September. If dem do am, na real party go dey for cryptocurrency. Everyday we dey see Cardano (ADA) jump 16.9% to $0.9849, Solana (SOL) grow 4.5% to $204.76, and even Dogecoin (DOGE) rise by 4.2% to $0.2452 like say na holiday. But wahala dey come as Litecoin (LTC) dey drop 0.7% to $129.84.
So, my people, keep your eyes on the market because e dey shake like wetin dem call ‘shakara’. Tomorrow fit bring different stories, but for now, na so forex gists be.
