Naira Stable Against Dollar at Official Market Amid Pause in Tariffs

This indicates that the local currency is facing ease in recent pressure after export tariffs hit the country and fanned concerns about the country’s FX reserves, which have been dropping in recent weeks.

President Donald Trump announced that he was instituting a 90-day pause on most new tariffs (excluding China). This may also also cover the recent 14 per cent placed on Nigeria.

In addition, the Central Bank of Nigeria (CBN), while announcing that the country recorded a positive Balance of Payment (BOP) reiterated that it will continue to stabilise the Naira through its policy coordination and harmonisation.

However, the Nigerian currency depreciated against the Pound Sterling by N24.80 to wrap the session at N2,085.01/£1 compared with the preceding session’s N2,060.21/£1 and lost N43.08 against the Euro to settle at N1,805.64/€1 versus N1,762.56/€1.

It also weakened against the Dollar in the parallel market yesterday by N5 to trade at N1,620/$1, in contrast to the N1,615/$1 it was exchanged in the previous trading day.

In the cryptocurrency market, there were positive outcomes across benchmarked tokens after the U-turn on tariffs led to relief.

President Trump paused higher tariffs on all countries, except China, where he increased the levy to 125 per cent, amid mounting concerns from global leaders and recession fears.

Based on this, countries that were hit with the higher, reciprocal duties that went into effect Wednesday will now be taxed at the earlier 10 per cent baseline rate applied to other nations.

Ripple (XRP) went up by 10.1 per cent to $1.99, Ethereum (ETH) appreciated by 9.9 per cent to sell at $1,610.16,  Solana (SOL) recorded a 9.5 per cent rise to close at $116.08, and Cardano (ADA) also jumped 9.5 per cent to trade at $0.6231.

In addition, Dogecoin (DOGE) rose by 8.4 per cent to $0.1571, Bitcoin (BTC) improved by 6.3 per cent to $81,899.98, Litecoin (LTC) expanded by 6.2 per cent to $74.39, and Binance Coin (BNB) gained 5.1 per cent to settle at $578.86, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.