The value of the Naira slightly appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, April 24, after coming under pressure in two consecutive trading session.
Yesterday, it gained 0.03 per cent or 50 Kobo on the greenback to sell for N1,603.01/$1 compared with the previous day’s rate of N1,603.51/$1, according to data from the Central Bank of Nigeria (CBN).
Similarly, the Nigerian currency improved its value against the Pound Sterling in the official market yesterday by N9.05 to close at N2,128.50/£1 compared with Wednesday’s value of N2,137.55/£1 and gained N17.69 against the Euro to finish at N1,819.89/€1, in contrast to midweek’s value of N1,837.58/€1.
However, in the black market, the Nigerian Naira depreciated against the Dollar during the trading session by N2 to settle at N1,607/$1 versus Wednesday’s value of N1,605/$1.
The local forex market reacted to the assurance given by apex bank in the ongoing IMF Spring Meetings in the US that it would continue to drive policies that will support the FX market.
Meanwhile, the cryptocurrency market witnessed recoveries after profit-taking amid declining US Dollar index, which is largely tied to mixed signals out of the world’s largest economy.
Profit-taking and conflicting messages from the President Donald Trump of the United States over a trade war with China have dominated the market, including comments from Treasury Secretary Scott Bessent that there’s no unilateral plan to lift US tariffs on Chinese goods, contradicting Trump’s suggestion that tariff rates could drop in the coming weeks.
Mr Trump has signaled he would not remove Federal Reserve Chair Jerome Powell and suggested a softer stance on trade with China.
Investors continue to struggle to interpret the policy direction as President Trump also hinted at a “fair deal” with the world’s second-largest economy.
Yesterday, Cardano (ADA) rose by 4.7 per cent to $0.7191, Dogecoin (DOGE) appreciated by 4.2 per cent to $0.1811, Solana (SOL) expanded by 2.8 per cent to $152.84, and Litecoin (LTC) improved by 2.4 per cent to $84.66.
Further, Ripple (XRP) jumped by 1.3 per cent to $2.13, Bitcoin (BTC) added 1.1 per cent to sell at $93,534.98, Binance Coin (BNB) soared by 0.7 per cent to $608.65, and Ethereum (ETH) increased by 0.2 per cent to $1,774.57, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.