Naira Heads into Easter Break With 0.2% Gain, Trades N1,599/$1

Also, the local currency appreciated against the British Pound Sterling in the spot market during the trading day by N1.73 to finish at N2,120.24/£1 versus Wednesday’s closing value of N2,121.97/£1 and gained 48 Kobo against the Euro to settle at N1,817.69/€1, in contrast to the N1,818.17/€1 it was exchanged in the midweek session.

At the parallel market, the Nigerian currency traded flat against the US Dollar yesterday at N1,620/$1.

The Nigerian Naira has been volatile this week despite moves by the Central Bank of Nigeria (CBN) to strengthen the domestic currency, which is facing forex pressures.

Meanwhile, the cryptocurrency market was bearish on Thursday amid reports that President Donald Trump of the United States has been privately discussing firing US Federal Reserve chairman, Mr Jerome Powell, raising concerns about market stability and central bank independence.

Mr Powell had earlier criticized Mr Trump’s tariffs policy, saying that it would likely result in a slowing economy and rising prices —otherwise known as “stagflation.”

In his remarks, Mr Powell made clear his larger focus for now would be on prices, suggesting tighter central bank policy than otherwise thought.

President Trump, who nominated the Federal Reserve’s chairman  during his first term and was given a second four-year term by President Joe Biden has expressed his displeasure with Mr Powell since retaking the White House.

Mr Powell, though, who is set to remain at the helm of the US central bank until May 2026, has repeatedly stated his determination to finish his term and suggested the president has no standing to fire him.

Ripple (XRP) slumped by 1.8 per cent to $2.05, Dogecoin (DOGE) depreciated by 1.7 per cent to $0.1544, Ethereum (ETH) dropped 1.5 per cent to close at $1,579.44, Cardano (ADA) went down by 1.2 per cent to $0.6133, Bitcoin (BTC) dipped by 0.4 per cent to $84,471.19, Solana (SOL) slid by 0.3 per cent to $134.00, and Litecoin (LTC) declined by 0.2 per cent to $75.26.

However, Binance Coin (BNB) gained 0.8 per cent to trade at $587.78, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.