The Nigerian Naira maintained stability against the United States Dollar on Wednesday in the different segments of the foreign exchange (FX).
At the parallel market, the exchange rate of the Naira to the Dollar remained unchanged at N1,380/$1 at midweek, and also traded flat at the GTBank forex counter at N1,371/$1.
Also, the Naira was flat against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) at N1,343.74/$1.
However, it further gained N1.65 against the Pound Sterling in the official market to close at N1,822.92/£1 compared to the previous rate of N1,824.57/£1, and appreciated against the Euro by 43 Kobo to N1,585.08/€1 from N1,585.51/€1.
Data from the Central Bank of Nigeria (CBN) showed that interbank turnover at the Nigerian foreign exchange market declined to N114.347 million from N141.315 million.
The relative stability of the official spot rate suggests there is no significant demand for foreign payments.
The outlook for the Naira remains positive despite a sharp decline in foreign reserves, which now stand below $49 billion. Previously, gross external reserves had crossed $50 billion, the highest level seen since 2009.
The amount reduced as the central bank maintained its FX intervention policy to keep the Naira within an acceptable range.
A boost in oil prices and sustained reforms have considerably alleviated liquidity challenges that have long plagued the Nigerian economy, although it has yet to translate to households.
Meanwhile, the cryptocurrency market was bullish, driven largely by derivatives and leveraged positioning, with on-chain activity and daily active addresses still trending lower.
Cardano (ADA) rose 4.4 per cent to $0.2497, Ripple (XRP) jumped 3.9 per cent to $1.40, Dogecoin (DOGE) grew by 3.6 per cent to $0.0965, Solana (SOL) appreciated by 2.9 per cent to $85.38, Binance Coin (BNB) increased by 1.8 per cent to $625.16, Ethereum (ETH) soared 1.6 per cent to $2,356.04, Bitcoin (BTC) chalked up 1.5 per cent to sell at $75,035.47, and TRON (TRX) went up by 0.8 per cent to $0.3257, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.