The Naira witnessed a 0.09 per cent or N1.37 depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, March 25, closing at N1,533.66/$1 compared with the previous day’s value of N1,532.29/$1.

Also, the Nigerian currency weakened against the British Pound Sterling yesterday in the official market by N4.62 to quote at N1,985.37/£1 compared with Monday’s closing price of N1,980.75/£1 and crashed against the Euro at the same market segment by N3.29 to finish at N1,659.12/€1, in contrast to the preceding session’s N1,655.83/€1.

At the parallel market window, the Naira maintained stability against the Dollar during the session at N1,570/$1, according to data harvested by Business Post.

The domestic currency has been volatile in the past trading days despite moves by the Central Bank of Nigeria (CBN) to sustain FX liquidity to ease the pressure on the Naira.

As for the cryptocurrency market, investors reacted positively to the US Federal Reserve’s dovish stance on inflation and a cooldown in concerns around the upcoming US tariffs, which have supported gains in the past week.

However, the lack of altcoin correlation with Bitcoin’s (BTC) recent moves hints that the current price action might lack broad market support.

During the session, Dogecoin (DOGE) appreciated by 5.8 per cent to sell at $0.1942, Solana (SOL) rose by 2.9 per cent to trade at $143.97, Litecoin (LTC) recorded a 2.6 per cent growth to close at $95.01, and Cardano (ADA) jumped by 1.9 per cent to settle at $0.7542.

Further, BTC improved its value on Tuesday by 1.5 per cent to finish at $87,889.95, Ripple (XRP) went up by 1.4 per cent to end at $2.45, and Ethereum (ETH) expanded by 0.3 per cent to close at $2,068.23.

On the flip side, Binance Coin (BNB) depreciated by 1.7 per cent to finish at $632.46, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

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