Nigerian Naira Appreciates by 0.03% or N55 Kobo Against the US Dollar

By Adedapo Adesanya

The Nigerian Naira appreciated slightly against the US Dollar on Wednesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The local currency, which ended Tuesday’s session at N1,600.04/$1, closed the last trading session of April 2025 at N1,599.49/$1, marking a 0.03 per cent or N55 Kobo increase.

In the official market, the Naira also improved its value against the British Pound Sterling by N16.19 to sell for N2,129.66/£1 compared with the previous day’s N2,145.85/£1. Furthermore, it gained N9.50 against the Euro to quote at N1,814.32/€1 versus the preceding day’s N1,823.82/€1.

At the black market, the Nigerian Naira remained unchanged against the greenback at N1,610/$1.

According to market analysts, the Naira has remained relatively stable due to steps taken by the Central Bank of Nigeria (CBN) to defend the forex market, although the outlook seems bleak due to weak crude oil prices, production constraints, and plans by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to ramp up production.

So far in the year, foreign reserves have dropped by more than $3 billion to $37.8 billion due to external debt service payments and aggressive intervention in the currency market.

Meanwhile, the cryptocurrency market remained in red as a result of a string of underwhelming economic data amid tariff policies by the US President Donald Trump.

Among the major cryptocurrencies, Ripple (XRP) experienced a 1.9 per cent decline, falling to $2.20, while Cardano (ADA) depreciated by 1.3 per cent, reaching $0.6904. Litecoin (LTC) also decreased by 1.2 per cent, closing at $84.58.

Binance Coin (BNB) went down 0.8 per cent to quote at $599.84, and Dogecoin (DOGE) experienced a slight depreciation of 0.2 per cent, selling for $0.1750.

In contrast, Solana (SOL) showed a slight increase of 0.8 per cent, reaching $148.77, and Ethereum (ETH) grew by 0.3 per cent to sell for $1,801.15. Bitcoin (BTC) appreciated by 0.2 per cent, closing at $95,015.32.

The US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained flat during the session, each holding a value of $1.00.