Naira Now N1,501/$1 at Official Market, N1,525/$1 at Black Market

Similarly, the local currency depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) yesterday by 0.08 per cent or N1.27 to settle at N1,501.61/$1, in contrast to the preceding day’s N1,500.34/1$.

However, the Nigerian currency maintained stability against the British Pound Sterling and the Euro at the midweek session in the official market at N1,898.15/£1 and N1,571.18/€1, respectively.

The pressure on the market returned as the Dollar strengthened in the international market, making currencies like the Naira weaker.

The country’s foreign exchange reserves dropped by $1.31 billion or 3.3 per cent in February 2025 to close the month at $38.42 billion compared with the $39.72 billion quoted on January 31. It saw a steeper decline in reserves compared to January, when they fell by $1.16 billion.

The continuous downward trend raises concerns about Nigeria’s financial stability, particularly in light of its substantial external debt obligations and dependency on imports for critical goods.

Meanwhile, the cryptocurrency market recovered yesterday, with Bitcoin (BTC) chalking up 5.8 per cent to quote at $92,140.12 after several days of turbulence that saw it drop to the $80,000 region following uncertainties in the market.

Dogecoin (DOGE) rose by 7.9 per cent at midweek to sell at $0.2141, Litecoin (LTC) recorded a growth of 6.8 per cent to finish at $109.33, and Ethereum (ETH) appreciated by 5.2 per cent to end at $2,296.26.

In addition, Solana (SOL) recorded a 4.9 per cent appreciation to settle at $149.23, Ripple (XRP) added 3.1 per cent to close at $2.51, Binance Coin (BNB) improved its value by 2.5 per cent to trade at $605.04, and Cardano jumped by 0.6 per cent to finish at $0.9398, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.