The Naira suffered a decline of N5.87 or 0.43 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, April 7, to trade at N1,386.66/$1 compared with the previous value of N1,380.79/$1.
It was the first trading day in the local currency market after it closed last Friday and Monday for the Easter holiday.
In the same market window, the Nigerian Naira also depreciated against the Pound Sterling during the session by N13.71 to sell for N1,838.57/£1 versus N1,824.86/£1, and lost N13.69 on the Euro to quote at N1,605.61/€1 versus N1,591.92/€1.
In the black market, the Nigerian currency maintained stability against the Dollar yesterday to remain unchanged at N1,4010/$1.
Despite the recent movement, analysts remain optimistic about the outlook of the currency in 2026, citing ongoing reforms by the Central Bank of Nigeria (CBN).
The Centre for the Promotion of Private Enterprise (CPPE) said Naira stability in the first quarter of the year boosted business confidence, noting that the currency remains relatively stable during the period, trading within the N1,340 to N1,430 per Dollar band.
It attributed the stability to improved foreign exchange liquidity, stronger oil earnings, and rising external reserves, which had climbed above 50 billion dollars.
In the cryptocurrency market, prices rose after US President Donald Trump announced a two-week cease-fire with Iran, abruptly reversing days of bearish positioning.
The spike triggered roughly $595 million in crypto liquidations, with short positions making up about $427 million, marking the most aggressive short squeeze since early March. Short positions occur when investors profit from a decline in the price of an asset, so when prices rise, losses occur for the shorts.
Cardano (ADA) rose by 8.3 per cent to $0.2629, Ethereum (ETH) appreciated by 7.3 per cent to $2,249.69, Solana (SOL) added 6.6 per cent to sell for $84.67, Ripple (XRP) jumped 5.8 per cent to $1.38, Dogecoin (DOGE) expanded by 5.1 per cent to $0.0949, Bitcoin (BTC) grew by 5.0 per cent to $71,897.41, Binance Coin (BNB) increased by 3.3 per cent to $616.35, and TRON (TRX) gained 0.1 per cent to trade at $0.3160, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.