Naira Gains 28 Kobo Against Dollar at Official Market

Data obtained from the Central Bank of Nigeria (CBN) showed that the exchange rate closed yesterday at N1600.01/$1 compared with the preceding day’s N1,609.29/$1.

This occurred as the market finds some direction amid clarity in recent uncertainties, which had threatened the stability of the global markets.

Efforts to keep stabilising the FX market is also keeping the value of the Naira from fluctuating heavily.

However, the domestic currency depreciated against the Pound Sterling at the spot market during the session by N4.26 to trade at N2,118.28/£1 versus Monday’s rate of N2,114.02/£1 and lost N3.06 on the Euro to finish at N1,783.87/€1 compared with the previous day’s N1,780.81/€1.

In the parallel market, the Nigerian Naira remained unchanged against the Dollar at N1,630/$1 on Tuesday.

Meanwhile, the cryptocurrency market was bullish yesterday as US inflation was slightly lower than expected in April after President Donald Trump’s tariffs just began hitting the slowing US economy, according to the country’s labour office report on Tuesday.

The consumer price index, which measures the costs for a broad range of goods and services, rose a seasonally adjusted 0.2 per cent for the month, putting the 12-month inflation rate at 2.3 per cent, its lowest since February 2021, the Bureau of Labor Statistics said.

While the April CPI figures were relatively tame, the Trump tariffs remain a wild card in the inflation picture, depending on where negotiations go from now till the deadline.

According to market analysts, this is a temporary arrangement and volatility will likely return as the 90-day window approaches its end.

Dogecoin (DOGE) jumped by 10.4 per cent to sell at $0.2457, Ethereum (ETH) rose by 9.2 per cent to $2,673.65, Solana (SOL) expanded by 7.7 per cent to $182.73, Cardano (ADA) added 5.6 per cent to trade at $0.8297, Ripple (XRP) increased by 4.1 per cent to $2.58, Litecoin (LTC) grew by 2.7 per cent to $104.35, Binance Coin (BNB) climbed higher by 2.5 per cent to $663.60, and Bitcoin (BTC) moved up by 1.4 per cent to $103,857.30, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded at $1.00 each.