Nigerian Naira (NGN) Marginally Depreciates Against the US Dollar (USD) in the Nigerian Autonomous Foreign Exchange Market (NAFEM)

By Adedapo AdesanyaThe Naira marginally depleted against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, April 23.

The Nigerian Naira experienced a slight decrease in value against the US Dollar within the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, April 23.

Following a session of trading, the local currency depreciated by 35 Kobo or 0.02 per cent to sell for N1,603.51/$1 compared to the previous day’s rate of N1,603.16/$1.

However, in the same official FX market, the Naira appreciated against the Pound Sterling by N17.31 to quote at N2,137.55/£1 compared to Tuesday’s closing price of N2,120.24/£1 and also appreciated against the Euro by N19.89 to close at N1,837.58/€1 compared to the preceding session’s N1,817.69/€1.

Nevertheless, in the parallel market segment, the domestic currency appreciated against the Dollar during the trading day by N5 to trade at N1,605/$1 versus the previous day’s N1,610/$1.

The Nigerian Naira has been facing pressure lately following a recent ease in concerns about the country’s FX reserves, which have been dropping.

In other news, the crypto market experienced bearish trends at midweek due to profit-taking and a decline in the US Dollar index, which is largely tied to mixed signals out of the world’s largest economy.

During the week, President Donald Trump stated his lack of intention to fire US Federal Reserve Chair, Mr Jerome Powell, and that a deal with China, which is facing tariffs as high as 245 per cent on some items, would significantly reduce some of its levies.

The mixed signals and frequent tone shift are concerning traders, who continue to monitor comments for further cues on positioning, while market analysts highlight that trade frictions, geopolitical jitters, and regulatory issues continue to cast long shadows on assets like crypto.

Dogecoin (DOGE) dipped by 4.9 per cent to sell at $0.1730, Ripple (XRP) fell by 3.9 per cent to $2.17, Litecoin (LTC) declined by 2.3 per cent to $82.23, and Binance Coin (BNB) depreciated by 2.2 per cent to $604.59.

Additionally, Cardano (ADA) slumped by 1.9 per cent to $0.6837, and Solana (SOL) also lost 1.9 per cent to close at $148.13. Bitcoin (BTC) slid by 1.3 per cent to $92,479.80, and Ethereum (ETH) crashed by 1.1 per cent to $1,770.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.