Naira Sells N1,612/$1 at Official Market, N1,615/$1 at Black Market

The pressure on the local currency eased as the Nigerian government said it would make plans to address the impact of the tariffs from the United States, which have now gone into effect and upon announcement impacted the Nigerian currency.

The development will complement recent efforts to stabilise the market by the Central Bank of Nigeria (CBN) which injected  $197.71 million in the FX market last week through sales to authorised dealers to ensuring adequate liquidity and supporting orderly market functioning.

However, the domestic currency depreciated against the Pound Sterling in the official market yesterday by N3.80 to sell for N2,060.21/£1 versus Monday’s price of N2,056.41/£1 and lost N1.03 on the Euro to settle at N1,762.56/€1, in contrast to the previous session’s N1,761.53/€1.

In the black market, the Nigerian Naira tumbled against the Dollar yesterday by N35 to close at N1,615/$1 compared with the preceding session’s value of N1,580/$1.

In the cryptocurrency market, it was bearish as US President Donald Trump sweeping global tariffs went into effect and traders retreated from crypto majors, removing all gains from Tuesday’s relief rally as President Trump pushes forward efforts to drastically reorder global trade.

Tariffs on any Chinese goods were hiked to 104 per cent, along with import taxes on over 60 trading partners.

Ethereum (ETH) dropped 6.1 per cent to trade at $1,473.36, Bitcoin (BTC) lost 2.6 per cent to finish at $77,483.73, Ripple (XRP) slumped by 1.9 per cent to $1.82, and Dogecoin (DOGE) depreciated by 1.8 per cent to $0.1463.

Further, Cardano (ADA) went down by 1.3 per cent to $0.5751, Solana (SOL) declined by 1.2 per cent to $107.36, Litecoin (LTC) slipped by 0.9 per cent to $70.41, and Binance Coin (BNB) shrank by 0.5 per cent to $554.70, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.