Market News
Naira Gains 0.04% Against Dollar at Official Market - BUSINESS POST
By Adedapo Adesanya
The Naira gained 0.04 per cent or 60 Kobo against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday to settle at N1,447.43/$1, in contrast to the N1,448.03/$1 it was traded in the preceding session.
Equally, the domestic currency improved its value against the Pound Sterling in the same market segment during the session by N5.72 to close at N1,903.51/£1 compared with the previous day’s N1,909.23/£1, but lost 17 Kobo against the Euro in the official market to sell for N1,679.16/€1 versus Monday’s closing price of N1,678.99/€1.
At the parallel market, the Nigerian Naira closed flat against the US Dollar yesterday at N1,460/$1 and at GTBank, it was unchanged at N1,447/$1.
The Naira rally was soft as the market anticipates the Central Bank of Nigeria (CBN) to boost the supply side to reverse a trend of minimal interventions by the apex bank due to increasing FX inflows from foreign portfolio investors and exporters. In recent weeks, the CBN has capped sales at $50 million.
On Wednesday, it was revealed that Nigeria’s external reserves reached the $46.7 billion mark, largely attributed to the federal government’s Eurobond issuance and rising FX inflows from offshore investors.
Other positive signals like Nigeria’s headline inflation rate easing by 1.97 percentage points to 16.05 per cent in October from 18.02 per cent in September 2025, also supported.
In the cryptocurrency market, the sentiment in crypto still remained cautious despite some gains.
More than $1 trillion were wiped off the value of the cryptocurrency market in the past six weeks amid fears of a tech bubble and fading expectations for a rate cut in the US next month.
The gains were clawed as traditional market suffered beatings and provided havens for traders to make profit, with Solana (SOL) going up by 1.6 per cent to $138.16.
Further, Binance Coin (BNB) rose by 1.5 per cent to sell for $921.75, Dogecoin (DOGE) appreciated by 0.9 per cent to $0.1560, Ethereum (ETH) jumped by 0.8 per cent to $3,026.61, and Bitcoin (BTC) jumped by 0.8 per cent to $90,639.68.
But, Cardano (ADA) depreciated by 1.2 per cent to $0.4583, Ripple (XRP) fell by 0.9 per cent to $2.13, and Litecoin (LTC) declined by 0.8 per cent to $93.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
