The Naira further appreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, September 26 by N7.60 or 0.51 per cent to N1,480.66/$1 from the previous day’s N1,488.26/$1.
Equally, its value improved against the Pound Sterling in the same market segment by N11.66 to trade at N1,981.27/£1 compared with the preceding session’s N1,992.93/£1, and chalked up N11.88 against the Euro to close at N1,729.41/€1, in contrast to Thursday’s closing price of N1,741.29/€1.
In the same vein, the domestic currency strengthened against the Dollar in the parallel market yesterday by N5 to quite at N1,495/$1 versus the N1,500/$1 it was traded a day earlier.
The price appreciation of the Naira against other currencies was triggered by low demand and improved liquidity across foreign exchange (FX) markets.
In recent months, the local currency has been supported by consistent interventions of the Central Bank of Nigeria (CBN), improved external reserves, and closer monitoring of FX flows. Market analysts explained that these have helped restore some confidence in the market and anchor short-term stability despite ongoing structural challenges.
Rates are projected to remain stable next week trading at around N1,480/$1 to 1,490/$1 levels.
As the year enters into its last quarter, which is often associated with forex demand pressure, analysts say the sustainability of the appreciation will be determined by the CBN’s capacity to sustain interventions and attract FX inflows from key sources such as oil exports, diaspora remittances, and foreign portfolio investments.
Meanwhile, fresh inflation data, which the US Federal Reserves prefers, landed squarely in line with forecasts, bringing life to the cryptocurrency market.
The US central bank’s preferred measure of prices, the Personal Consumption Expenditures (PCE) index, rose 2.7 per cent year-over-year in August, while core PCE excluding food and energy climbed 2.9 per cent.
Crypto analysts noted that the data report reinforced the Federal Reserve’s narrative of gradually easing price pressures, adding that it also leaves policymakers balancing sticky inflation with a softer labour market backdrop.
Solana (SOL) grew by 3.4 per cent to $202.47, Binance Coin (BNB) appreciated by 2.6 per cent to $969.64, Ethereum (ETH) expanded by 2.5 per cent to $4,018.92, Dogecoin (DOGE) jumped by 2.0 per cent to $0.2316, Cardano (ADA) rose by 1.9 per cent to $0.7901, Ripple (XRP) gained 1.1 per cent to close at $2.79, Litecoin (LTC) increased by 0.6 per cent to $103.84, and Bitcoin (BTC) soared by 0.1 per cent to $109,573.03, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.