The Naira closed stronger against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by N9.35 or 0.58 per cent on Monday, May 12 at at N1,600.29/$1 compared with the N1,609.64/$1 it traded last Friday.
Similarly, the Nigerian Naira improved its value against the Pound Sterling in the official market during the trading session by N31.46 to settle at N2,114.02/£1 versus the preceding trading day’s rate of N2,145.48/£1 and appreciated against the Euro by N37.61 to sell for N1,780.81/€1, in contrast to the previous session’s value of N1,818.42/€1.
The improvement in the value of the local currency yesterday happened after a temporary relief from the US-China tensions and further commitments by the Central Bank of Nigeria (CBN) to intervene in the market.
However, the Nigerian currency depreciated against the Dollar in the black market on Monday by N5 to close at N1,630/$1 compared with the preceding session’s rate of N1,625/$1.
As for the cryptocurrency market, it was red during the trading session after the US and China agreed to suspend most tariffs on each other for 90 days.
The 90-day tariff pause gave market participants a “clear, short-term positive signal” that’s supportive for risk assets including crypto, even though headwinds could rise again without a broader deal in place once the pause expires.
According to market analysts, this is a temporary arrangement and volatility will likely return as the 90-day window approaches its end.
Dogecoin (DOGE) slumped by 6.6 per cent to sell at $0.2232, Cardano (ADA) fell by 3.0 per cent to $0.7890, Solana (SOL) went down by 2.1 per cent to $170.80, Ethereum (ETH) declined by 2.0 per cent to $2,451.16, Bitcoin (BTC) depreciated by 1.6 per cent to $102,394.53, and Binance Coin (BNB) shrank by 1.1 per cent to $648.78.
But, Ripple (XRP) gained 4.5 per cent to quote at $2.49, and Litecoin (LTC) increased its value by 1.7 per cent to $102.78, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.