The Naira sustained its positive performance against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, October 10, due to waning forex demand pressure amid renewed intervention and increase in the country’s external reserves.
The relative stability in the value of the local currency across trading segments is driven by the reserves, which stood at $42.57 billion as of October 7, 2025, according to the latest data from the Central Bank of Nigeria (CBN).
At the official market yesterday, the domestic currency gained N11.48 or 0.78 per cent against the greenback to sell for N1,455.17/$1 compared with the Thursday’s closing price of N1,466.65/$1.
In the same vein, the Nigerian Naira appreciated against the Pound Sterling in the spot market by N28.44 to finish at N1,932.18/£1 versus N1,960.62/£1, and improved against the Euro by N19.00 to sell for N1,683.19/€1 compared with the previous day’s N1,702.19/€1.
At GTBank, one of the authorised FX dealers in the country, the exchange rate of the Nigerian currency versus its American counterpart remained unchanged at N1,478/$1 on Friday.
In the parallel market, the Naira gained N5 against the US Dollar yesterday to finish at N1,480/$1, in contrast to the preceding session’s N1,485/$1.
The growth in reserves has been supported by improved oil earnings, diaspora remittances, and foreign portfolio inflows, reinforcing confidence in the foreign exchange market.
This week, the World Bank Group highlighted that for the FX market to be sustainably liquid and market-driven, longer-term inflows, including from oil and remittances, need to increase. It is also urged that it is critical to accelerate non-oil exports, which also depend on addressing supply-side constraints.
“The exchange rate has been market-reflective, and its previous adjustment continues to benefit the external position,” the World Bank said.
Meanwhile, the cryptocurrency market crashed on Friday after President Donald Trump announced a 100 per cent additional tariff on China, causing a sharp decline in crypto asset prices.
President Trump’s threat on increasing tariffs on Chinese goods in response to export controls on rare earth metals, escalates trade tensions between the US and China.
The American President said he would impose an additional 100 per cent tariff starting on November 1.
“Also on November 1, we will impose export controls on any and all critical software,” he said on his Truth Social platform.
Litecoin (LTC) crumbled by 22.5 per cent to $99.20, Dogecoin (DOGE) lost 22.2 per cent to close at $0.1926, Cardano (ADA) depreciated by 19.7 per cent to $0.6529, Solana (SOL) fell by 16.3 per cent to $182.91, Binance Coin (BNB) declined by 13.7 per cent to $1,093.30, Ripple (XRP) shed 13.5 per cent to trade at $2.42, Ethereum (ETH) weakened by 12.9 per cent to $3,765.42, and Bitcoin (BTC) slumped by 8.5 per cent to $111,094.41, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained flat at $1.00 apiece.