The Naira appreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, January 3 by N4.18 or 0.27 per cent to N1,538.23/$1 compared with Thursday’s closing rate of N1,538.23/$1.

Also, the domestic currency improved its value against the British Pound Sterling in the official market yesterday by N9.35 to wrap the session at N1,902.55/£1 compared with the previous day’s N1,911.90/£1 and against the Euro, the Nigerian currency gained N9.93 to settle at N1,579.52/€1 versus the previous session’s N1,589.45/€1.

Although towards the end of last year, the Naira recorded some form of stability, triggers like devaluation and earlier pressure saw it conclude 2024 with significant depreciation across foreign exchange (FX) markets, recording a 40.9 per cent loss against the Dollar.

At the black market on Friday, the Naira maintained stability against the US Dollar at N1,655/$1, according to data gathered by Business Post.

In the cryptocurrency market, prices were largely positive for the benchmarked tokens ahead of the inauguration of President Donald Trump, who has promised support to the crypto industry in his second time in the White House.

Rising activity and a bump in revenue, fees, new wallets and on-chain volumes have also indicated further support for digital assets.

The highest gainer was Dogecoin (DOGE) which jumped by 15.2 per cent to sell at $0.388, followed by Litecoin (LTC), which went up by 6.9 per cent to $111.89, Ethereum (ETH) rose by 4.7 per cent to trade at $3,595.65, and Cardano (ADA) improved by 4.3 per cent to close at $1.08.

Further, Solana (SOL) recorded a 4.0 per cent appreciation to sell at $216.48, Binance Coin (BNB) grew by 2.4 per cent to finish at $718.07, Bitcoin (BTC) expanded by 2.0 per cent to close at $98,211.48, and Ripple (XRP) recorded a 1.4 per cent growth to settle at $2.45, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.

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