Naira Slumps to N1,610/$1 at NAFEM, N1,620/$1 at Parallel Market

During the trading session, the exchange rate of the domestic currency and the greenback ended at N1,610.46/$1, in contrast to the previous day’s value of N1,606.75/$1.

However, the Nigerian currency traded flat against the Pound Sterling and the Euro in the spot market at N2,137.73/£1 and N1,821.75/€1, respectively at midweek.

In the parallel market, the Naira lost N5 against the Dollar yesterday to settle at N1,20/$1 compared with the N1,615/$1 it was traded a day earlier.

Meanwhile, the cryptocurrency market was bullish on Wednesday following President’s Donald Trump’s announcement of an impending trade with a major country on Thursday, saying the deal will be first of many.

There have been speculation at which country it could be but many have predicted it could be the United Kingdom.

Easing tariffs could soften inflationary pressures and can have ripple effect in investing in crypto, tech, and other assets.

Also supporting rally, improving macroeconomic conditions including falling bond yields and the weakening Dollar.

However, the move comes amid rising political pressure on US leaders to counter China’s growing influence and revive domestic manufacturing.

The news saw Bitcoin (BTC) rising by 2.6 per cent to $99,008.57, as Dogecoin (DOGE) appreciated by 4.9 per cent to sell at $0.1806, and Cardano (ADA) gained 4.4 per cent to trade at $0.7051.

Further, Ethereum (ETH) jumped by 4.3 per cent to $1,908.90, Solana (SOL) improved its value by 3.1 per cent to close at $150.52, Ripple (XRP) expanded by 2.0 per cent to quote at $2.17, Binance Coin (BNB) went up by 1.2 per cent to ended at $611.23, and Litecoin (LTC) recorded a 0.1 per cent rise to finish at $91.66, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.