The Naira was relatively stable against the US Dollar, though it marginally appreciated by 0.01 per cent or 16 Kobo at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, trading at N1,606.75/$1 compared with the preceding day’s N1,606.91/$1.

In the same vein, the domestic currency remained unchanged against the Pound Sterling and the Euro during the trading session at N2,137.73/£1 and N1,821.75/€1, respectively.

However, the Nigerian Naira weakened against the Dollar in the black market yesterday by N10 to quote at N1,615/$1, in contrast to the preceding day’s N1,605/$1.

The Naira has experienced weakening over recent weeks due to reduced intervention in the FX market by the Central Bank of Nigeria (CBN) while factors like weakening oil prices threatens foreign earnings.

This adds to fears triggered by the uncertainty surrounding President Donald Trump’s trade war with China and other trading partners.

In the cryptocurrency market, most of the tokens gained weight as the US makes possible approach to speak with Chinese representatives.

US Treasury Secretary Scott Bessent noted that the current tariffs and trade barriers are unsustainable, but said the US doesn’t want to decouple.

China, on the other hand, said after it has carefully evaluated the remarks, it has decided to engage the US.

A possible thawing in the trade stance offered support for the market with Litecoin (LTC) rising by 11.5 per cent to sell at $91.77.

Bitcoin (BTC) gained 2.4 per cent to close at $96,700.19, Cardano (ADA) appreciated by 1.9 per cent to trade at $0.6791, Dogecoin (DOGE) improved its value by 1.8 per cent to settle at $0.1727, Ethereum (ETH) expanded by 1.6 per cent to $1,833.04, Ripple (XRP) increased by 1.2 per cent to $2.13, Binance Coin (BNB) went up by 0.9 per cent to finish at $605.04, and Solana (SOL) jumped by 0.5 per cent to end at $146.31, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.

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