Naira Appreciates to N1,601/$1 at Official Market, Remains N1,615/$1 at Black Market

However, according to data from the Central Bank of Nigeria (CBN), the Naira depreciated against the Pound Sterling in the official market yesterday by N59.23 to sell for N2,115.26/£1 compared with Monday’s closing price of N2,056.03/£1 and tumbled against the Euro by N38.75 to trade at N1,808.89/€1, in contrast to the previous session’s N1,770.14/€1.

As for the black market, the Nigerian Naira maintained stability against the Dollar during the trading session at N1,615/$1.

The Nigerian currency closed mixed on Tuesday as Nigeria’s inflation data edged up to 24.23 per cent in March, according to the National Bureau of Statistics (NBS) on Tuesday.

It was the first time the Consumer Price Index (CPI) has risen since it was rebased in January. The new rate indicates an upward movement of 1.05 per cent from the 23.18 per cent reported in February 2025, signalling a return to levels (24.48 per cent) recorded in the beginning of the year after the CPI rebasing.

In the cryptocurrency market, there were major negative outcome as Nvidia, which plays a crucial role in mining cryptocurrencies, received a US ban restricting its H20 chip sales to China.

This adds to fears triggered by President Donald Trump’s trade war with China and other trading partners, leading to profit-taking.

Cardano (ADA) lost 5.5 per cent to trade at $0.6055, Solana (SOL) slumped by 4.2 per cent to $125.44, Ethereum (ETH) slid by 4.0 per cent to $1,570.96, and Ripple (XRP) dropped 3.9 per cent to $2.05.

In addition, Dogecoin (DOGE) depreciated by 3.8 per cent to $0.1535, Litecoin (LTC) went down by 2.7 per cent to $75.72, Bitcoin (BTC) fell by 2.4 per cent to $83,405.30, and Binance Coin (BNB) shrank by 1.3 per cent to $580.40, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) were flat at $1.00 each.