Nigerian Naira Plummets Against US Dollar in Official Market

The Nigerian Naira weakened against the US Dollar on Friday, depreciating by 2.2% or N29.35 to trade at N1,339.23/$1 in the NAFEM market. Conversely, it strengthened against the British Pound and the Euro, appreciating by N202.13 and N176.01 respectively. FX trades at the spot market declined by 2.9% to $309.01 million, while the Naira gained N20 to N1,400/$1 in the black market. In the cryptocurrency market, the majority of tokens experienced losses, including Solana (SOL), Cardano (ADA), Dogecoin (DOGE), Ripple (XRP), Binance Coin (BNB), Bitcoin (BTC), and Ethereum (ETH).

Nigerian Naira Declines Against US Dollar in Official Market

Lagos, Nigeria - The Nigerian naira depreciated against the United States dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, marking a decline of N2.2, or N29.35, to close at N1,339.23/$1. This represents a significant devaluation of 2.2% compared to the previous day's closing value of N1.309.08/$1.

The currency's performance against other major currencies in the official market was mixed. The naira gained ground against the British pound sterling, appreciating by N202.13 to settle at N1,453.07/£1, compared to the preceding day's rate of N1,655.20/£1. The naira also improved its value against the euro, rising by N176.01 to trade at N1,247.03/€1, strengthening from the N1,423.04/€1 exchange rate of the previous day.

According to data from the FMDQ Securities Exchange, the value of foreign exchange (FX) trades at the spot market declined slightly by 2.9%, or $9.07 million, to $309.01 million. This compares to the $318.08 million recorded in the previous trading day.

In the parallel, or 'black,' market, the Nigerian currency gained value against the US dollar on Friday, rising by N20 to sell at N1,400/$1, an improvement from the previous day's rate of N1,420/$1.

Cryptocurrency Market Experiences Decline

In related news, the cryptocurrency market witnessed a bearish trend on Friday as several major tokens, including Solana (SOL), Cardano (ADA), and Dogecoin (DOGE), suffered losses. This negative performance was largely attributed to a reaction to inflation data released in the United States, indicating continued elevated price pressures in March.

The personal consumption expenditures price index, excluding food and energy, rose by 2.8% year-over-year in March, remaining at the same level as in February, according to the US Commerce Department's report on Friday. This data influenced the cryptocurrency market, resulting in the following depreciations:

• Solana (SOL): 5.9% to $136.07
• Cardano (ADA): 3.7% to $0.4587
• Dogecoin (DOGE): 3.5% to $0.1458
• Ripple (XRP): 3.0% to $0.5176
• Binance Coin (BNB): 2.9% to $592.88
• Bitcoin (BTC): 2.4% to $62,920.33
• Ethereum (ETH): 1.1% to $3,118.27

Conversely, Litecoin (LTC) experienced a gain of 1.7% to $87.01, while US Dollar Tether (USDT) and US Dollar Coin (USDC) remained stable at $1.00 apiece.