Naira Falls to N1,573/$1 at Official Market, N1,570/$1 at Black Market

Data from the Central Bank of Nigeria (CBN) showed that the local currency was exchanged to a Dollar at N1,573.23/$1 during the session compared with the N1,550.74/$1 it was transacted on Thursday.

Similarly, the domestic currency weakened against the Euro in the official market yesterday by N2.91 to settle at N1,725.29/€1, in contrast to the previous day’s N1,722.38/€1 but on the British Pound Sterling, it appreciated by N12.27 to sell for N2,031.02/£1 versus the preceding session’s N2,043.29/£1.

In the black market, the Nigerian currency lost N10 against the greenback on Friday to trade at N1,570/$1 compared with the N1,560/$1 it was transacted a day earlier.

The Naira’s negative outcome aligns with a wider slowdown in the global financial markets as retaliatory tariffs weaken outlook and raise possibility of a recession.

Already, Nigeria could face lower foreign exchange earnings from oil, which could be impacted heavily by tariffs.

As for the cryptocurrency market, it remained mixed after China announced retaliatory tariffs on all goods, responding to President Donald Trump’s Wednesday decision to boost the overall levy on Chinese goods to 54 per cent.

The concensus is that China’s response is not only negative for the US but it is also impacting the global outlook.

Binance Coin (BNB) shed 0.5 per cent to close at $594.69, Cardano (ADA) went down by 0.5 per cent to $0.6561, Litecoin (LTC) dropped 0.4 per cent to close at $84.09, Bitcoin (BTC) tumbled by 0.05 per cent to $83,444.13, Ethereum (ETH) declined by 0.04 per cent to $1,810.12, and the US Dollar Tether (USDT) moderated by 0.03 per cent to $0.9997.

On the flip side, Ripple (XRP) jumped by 3.1 per cent to $2.13, Solana (SOL) appreciated by 2.8 per cent to $120.63, and Dogecoin (DOGE) leapt by 2.4 per cent to $0.1690, while the US Dollar Coin (USDC) closed flat at $1.00.