The final trading session of August 2025 was good for the Naira as it recorded its best performance in months, gaining N4.16 or 0.27 per cent against the US Dollar in Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the forex market on on Friday, August 29 to sell for N1,531.45/$1 compared with the N1,535.61/$1 it was traded on Thursday.
Equally, the domestic currency appreciated against the Pound Sterling in the official market yesterday by N12.17 to close at N2,064.25/£1, in contrast to the preceding day’s N2,076.42/£1 and improved against the Euro by N5.33 to quote at N1,789.18/€1 versus the previous day’s N1,794.51/€1.
In the black market, the Nigerian Naira maintained stability against the greenback during the trading session at N1,545/$1.
Fresh injection of FX from the Central Bank of Nigeria (CBN) with the sale of $50 million to authorised dealer banks eased forex demand pressure.
Also supporting the market was the gross external reserves balance climbing to $41.267 billion on Friday, buoyed by additional inflow totalling $23.421 million. This is hinting at the reserves rising towards $45 billion in a best case scenario giving by analysts.
In the cryptocurrency market, it was mixed as traders carried out profit taking and some bought amid uncertainties with the overall market valuation down by 4 per cent to $3.77 trillion despite a 10 per cent surge in the overall trading activity which sits at $192.06 billion in volume over the same period.
Solana (SOL) went down by 2.0 per cent to $205.06, Bitcoin (BTC) fell by 1.8 per cent to $108,348.26, and Ripple (XRP) shrank by 1.5 per cent to $2.82, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each..
But, Cardano (ADA) jumped by 0.7 per cent to $0.8347, Dogecoin (DOGE) appreciated by 0.5 per cent to $0.2163, Ethereum (ETH) increased by 0.1 per cent to $4,398.89, Litecoin (LTC) gained 0.1 per cent to close at $110.60, and Binance Coin (BNB) grew by 0.1 per cent to $860.41.