Naira Dips to N1,584.26/$1 at NAFEM, N1,627/$1 at Black Market

Equally, the local currency weakened against the Pound Sterling in the official market yesterday by N1.72 to sell for N2,127.96/£1 compared with the previous day’s N2,126.24/£1 but strengthened against the Euro by N3.13 to quote at N1,791.95/€1, in contrast to midweek’s value of N1,795.08/€1.

In the same vein, the Nigerian Naira lost N2 against the Dollar in the black market on Thursday to trade at N1,627/$1 versus the preceding session’s value of N1,625/$1.

The domestic currency crumbled on Thursday as the market overlooked the recent promises made by the Central Bank of Nigeria (CBN) and sought further action like continuing to ease FX pressure.

This week, the Monetary Policy Committee (MPC) of the apex bank reiterated the Nigerian financial remains sound and stable, with performative indicators, adding that the CBN should restore confidence and rebuild trust.

Meanwhile, in the cryptocurrency market, there were large positive outcome driven by growing optimism around US crypto regulation and continued interest from institutional buyers.

The recent discussions around the stablecoin laws and the US Senate approval on it has enhanced regulatory clarity and investor trust. Once come into action, this bill will legalize the use of stablecoins in the world’s largest economy.

Also, the institutional attention has seen huge inflows into exchange-traded funds (ETFs).

Cardano (ADA) rose by 3.4 per cent to $0.8148, Solana (SOL) appreciated by 3.2 per cent to $182.57, Dogecoin (DOGE) jumped by 2.5 per cent to $0.2453, Litecoin (LTC) gained 2.4 per cent to close at $100.71, Ethereum (ETH) increased by 2.0 per cent to $2,667.64, Ripple (XRP) advanced by 1.5 per cent to $2.43, Binance Coin (BNB) improved by 0.8 per cent to $686.40, and Bitcoin (BTC) went up by 0.1 per cent to $110,746.42, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.