The Naira further appreciated against the US Dollar in the various segments of the foreign exchange (FX) market on Thursday, April 9.
At the black market, the Nigerian currency improved its value yesterday by N20 to quote at N1,390/$1 compared with the previous day’s rate of N1,410/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX) window, the domestic currency gained N12.50 or 0.9 per cent against the greenback to trade at N1,359.32/$1, in contrast to midweek’s price of N1,371.82/$1.
In the same official market, the local currency gained N14.89 against the Euro to sell at N1,589.18/€1 versus N1,604.07/€1, and traded flat against the Pound Sterling at N1,844.83/£1.
Data from the Central Bank of Nigeria (CBN) showed that turnover increased to N71.156 million across 115 deals, suggesting that banks’ customers’ demand for foreign payments eased slightly on the day.
The local currency has been in strong demand from foreign portfolio investors seeking to purchase OMO bills and other fixed-income instruments.
External reserves, which provide the CBN with firepower to support the currency, declined for the 13th consecutive session, falling by about $840 million to $49.18 billion as of April 1 from $50.02 billion recorded on March 11, according to CBN data.
The persistent drawdown reflects mounting external pressures tied to heightened geopolitical tensions in the Middle East, which analysts say have dampened investor appetite for frontier markets and weakened capital inflows into Nigeria.
In the cryptocurrency market, prices tapped into optimism as geopolitical tensions over a fragile Iran ceasefire and a partial reopening of the Strait of Hormuz keep markets cautious and oil prices volatile.
Market analysts noted that if the ceasefire survives through the weekend and the Strait opens further, momentum will build for risk assets like crypto. However, if Iran’s grievances escalate or President Donald Trump’s rhetoric shifts, prices may crater.
Bitcoin (BTC) appreciated by 1.6 per cent to $71,989.47, Dogecoin (DOGE) expanded by 1.5 per cent to $0.0928, Solana (SOL) added 1.4 per cent to sell for $83.34, Ripple (XRP) jumped 1.1 per cent to $1.34, Cardano (ADA) went up by 0.8 per cent to $0.2518, TRON (TRX) grew by 0.7 per cent to $0.3195, Ethereum (ETH) increased by 0.6 per cent to $2,192.07, and Binance Coin (BNB) climbed 0.4 per cent to $601.29, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.