Naira Drops toN1,363 per Dollar in Official Foreign Exchange Market

By Adedapo Adesanya

The Nigerian Naira continued its decline in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, June 18, slipping 0.24% to N1,363.30 against the US Dollar, compared with the previous day’s rate of N1,360.07.

In the same session, the currency appreciated against the British Pound, gaining N19.12 to reach N1,805.69 per pound, up from N1,824.81, and also rose against the Euro, strengthening by N12.89 to N1,565.07 per euro, versus the prior day’s N1,577.96.

At the GTBank foreign exchange counter, the Naira slipped by one unit, trading at N1,373 per dollar, compared with Wednesday’s close of N1,372, while on the parallel market it remained steady at N1,385 per dollar.

Ongoing tightness in foreign exchange liquidity has been weighing on the local currency, contributing to a modest decline in the official exchange rate as demand for foreign payments rises.

Financial analysts have also pointed to the limited participation of foreign portfolio investors in Open Market Operation (OMO) bill placements, a key source of hard‑currency inflows for the Central Bank of Nigeria (CBN), as a factor shaping market dynamics.

The Central Bank’s daily FX report indicated that interbank foreign‑exchange turnover increased to $69.918 million across 85 transactions, up from $54.293 million the previous day.

In the cryptocurrency arena, Bitcoin (BTC) fell below $63,000, dropping 1.7% to close at $62,742.28 on Thursday, as global risk assets sold off, erasing gains previously recorded amid the US‑Iran peace initiative.

The broader market retreat was driven by a return to normal shipping through the Strait of Hormuz following the signed US‑Iran agreement, which eased what had been a historic supply shock.

Market focus is now shifting to negotiations over Iran’s nuclear programme, with Vice President JD Vance noting that a 60‑day timeline for finalizing the agreement has begun.

During the session, Solana (SOL) slid 3.3% to $68.68, Ripple (XRP) fell 2.7% to $1.13, Cardano (ADA) dropped 2.4% to $0.1606, Binance Coin (BNB) slipped 2.0% to $576.11, Dogecoin (DOGE) eased 1.9% to $0.0826, and Ethereum (ETH) declined 1.7% to $1,696.74.

Conversely, TRON (TRX) edged up 0.1% to $0.3204, while both US Dollar Tether (USDT) and US Dollar Coin (USDC) held steady at $1.00 each.

Source link