The Naira further appreciated against the US Dollar on Tuesday, May 20, 2025, by 0.48 per cent or N7.69 at the Nigerian Autonomous Foreign Exchange Market (NAFEM) as the Central Bank of Nigeria (CBN) retained the benchmark interest rate at 27.50 per cent.

During the trading session, the exchange rate closed at N1,591.25/$1, in contrast to the preceding day’s value of N1,598.94/$1.

In the same vein, the local currency gained N10.79 against the Pound Sterling yesterday in the official market to sell for N2,126.60/£1 versus Monday’s price of N2,137.29/£1 and chalked up N7.51 on the Euro to finish at N1,791.49/€1 compared with the previous day’s N1,799.00/€1.

In the black market, the Nigerian currency maintained stability against the Dollar during the session to quote at N1,625/$1.

At the end of the 300th Monetary Policy Committee (MPC) meeting on Tuesday, the Monetary Policy Rate (MPR) was left at 27.50 per cent, the Cash Reserve Ratio (CRR) remained at 50 per cent, and the Liquidity Ratio (LR) was kept at 30 per cent.

In addition, the Governor of the CBN, Mr Yemi Cardoso, said the Naira is stable and more competitive in the FX market, indicating stability for the Nigerian economy.

In the cryptocurrency market, Cardano (ADA) jumped by 2.5 per cent to trade at $0.7549, Dogecoin (DOGE) appreciated by 1.6 per cent to sell at $0.2278, Bitcoin (BTC) increased its value by 1.4 per cent to end at $107,038.79, Binance Coin (BNB) rose by 1.2 per cent to finish at $655.82, Ethereum (ETH) increased by 0.7 per cent to $2,557.02, and Solana (SOL) went up by 0.6 per cent to close at $169.02.

On the flip side, Litecoin (LTC) recorded a 0.8 per cent depreciation to settle at $95.07, and Ripple (XRP) slumped by 0.2 per cent to $2.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchange at $1.00 apiece.

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