Naira Appreciates to 1,532/$1 at Official Market, N1,570/$1 at Black Market

In the official FX market, the domestic currency gained 0.31 per cent or N4.76 on the greenback to sell for N1,532.29/$1, in contrast to last Friday’s value of N1,537.05/$1, according to data obtained from the Central Bank of Nigeria (CBN).

The local currency also improved its value against the Euro in the spot market during the session by N1.98 to quote at N1,655.83/€1 compared with the preceding session’s rate of N1,657.81/€1 but lost N7.86 against the Pound Sterling to trade at N1,980.75/£1 compared to the previously traded rate of N1,972.89/£1..

In the black market, the Nigerian currency gained N20 against the Dollar yesterday to finish at N1,570/$1 versus the previous trading day’s exchange rate of N1,590/$1.

Business Post reports that the forex market is still under pressure due to a spike in demand, but the recent injections by the apex bank helped to suppress it on Monday.

A look at the digital currency market showed that Dogecoin (DOGE) surged on Monday by 4.7 per cent to $0.1837 due to market optimism fueled by the possibility of milder US tariffs and the Federal Reserve’s plans for two rate cuts in 2025.

Memecoins, being highly speculative assets, often react strongly to broader crypto market trends, offering retail traders higher-risk, higher-reward opportunities.

During the trading session, Binance Coin (BNB) went up by 3.1 per cent to $643.67, Cardano (ADA) expanded by 2.6 per cent to $0.7445, Solana (SOL) grew by 1.4 per cent to $140.04, and the US Dollar Tether (USDT) appreciated by 0.1 per cent to $1.00.

On the flip side, Ripple (XRP) slumped by 1.7 per cent to $2.41, Litecoin (LTC) went down by 0.7 per cent to $92.67, Ethereum (ETH) depreciated by 0.7 per cent to $2,052.59, and Bitcoin (BTC) fell by 0.3 per cent to $86,704.99, while the US Dollar Coin (USDC) closed flat at $1.00.