The Nigerian Naira appreciated against the United States Dollar in the black market window of the foreign exchange (FX) market on Tuesday by N10 to close at N1,480/$1 compared with the preceding day’s rate of N1,490/$1.
In the same vein, the local currency ended the month of September on a positive note in the Nigerian Autonomous Foreign Exchange Market (NAFEM) yesterday with a further N1.00 or 0.07 per cent price appreciation against the greenback to sell for N1,475.35/$1, in contrast to the previous day’s N1,476.35/$1.
Equally, it gained N5.47 against the Pound Sterling in the official market during the session to quote at N1,979.92/£1 versus Monday’s closing price of N1,985.39/£1, and appreciated against the Euro by N4.13 to close at N1,729.55/€1 compared with the preceding day’s N1,733.68/€1.
The recent appreciation of the Naira has been fuelled by improved FX inflows and steady interventions by the Central Bank of Nigeria (CBN), enhances the apex bank’s firepower to manage supply-demand gaps and bolsters confidence in the naira’s near-term stability.
Rates are projected to remain stable around N1,480/$1 to 1,490/$1 levels this week.
Analysts warn that the sustainability of the appreciation will be determined by the apex bank’s capacity to sustain interventions and attract FX inflows from key sources such as oil exports, diaspora remittances, and foreign portfolio investments.
Meanwhile, cryptocurrency traders remain cautious ahead of a critical run of US economic data that could set the tone for October, though Cardano (ADA) gained 1.4 per cent to trade at $0.8054, and Bitcoin (BTC) rose by 0.7 per cent to $114,596.95.
Further, Dogecoin (DOGE) jumped by 0.7 per cent to $0.2336, Solana (SOL) expanded by 0.6 per cent to $210.20, and Litecoin (LTC) improved by 0.2 per cent to $105.97.
On the flip side, Binance Coin (BNB) depreciated by 0.8 per cent to $1,011.14, Ripple (XRP) slipped by 0.7 per cent to $2.85, and Ethereum (ETH) went down by 2.2 per cent to $4,193.25, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.