Naira Depreciates to N1,585/$1 at Official Market on Renewed FX Pressure

Equally, the Nigerian currency tumbled against the Pound Sterling in the same market segment during the session by N1.92 to finish at N2,143.91/£1 compared with the previous day’s rate of N2,141.99/£1 and lost N5.86 against the Euro to settle at N1,797.23/€1 versus the N1,791.37/€1 it closed on Monday.

However, the Naira maintained stability against the greenback in the parallel market yesterday at N1,620/$1.

The domestic currency performed badly in the spot market on Tuesday as Nigeria’s foreign exchange reserves declined by 0.02 per cent to $38.55 billion as of Friday, May 23, 2025, from $38.56 billion, according to data from the Central Bank of Nigeria (CBN).

This dip occurred after a brief rebound earlier in the year when the reserves rose by $364 million between April 30 and May 14, 2025, marking the first notable recovery in 2025.

As for the cryptocurrency market, the bears maintained dominance as traders continued profit-taking sparked by mixed signals in global trade.

Prices had recently been buoyed by easing US-EU trade tensions and renewed investor confidence, but market analysts say the signals was not one of stability and due to the fast paced nature of crypto trading, there were sell-offs.

Cardano (ADA) dropped 1.9 per cent to trade at $0.7477, Dogecoin (DOGE) slumped by 0.9 per cent to $0.2225, Ripple (XRP) fell by 0.8 per cent to $2.29, Solana (SOL) depreciated by 0.6 per cent to $173.98, Bitcoin (BTC) lost 0.4 per cent to close at $108,731.79, and Litecoin (LTC) went down by 0.2 per cent to $95.16.

On the flip side, Ethereum (ETH) appreciated by 1.3 per cent to $2,629.47, and Binance Coin (BNB) gained 0.2 per cent to finish at $680.67, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.