Nigerian Naira Plunges Against the US Dollar

It was a bad day for the Naira on Tuesday, April 22 as its value plummeted against the United States Dollar by N3.23 or 0.2 per cent at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The Nigerian Naira experienced a setback on Tuesday, April 22 at the Nigerian Autonomous Foreign Exchange Market (NAFEX).

Its value went down against the United States Dollar by N3.23 or 0.2 per cent to trade at 1,603.16, a slight decrease from the previous day’s rate of 1,599.93.

The Naira, however, remained stable against the Pound Sterling and the Euro in the spot market at 2,120.24 and 1,817.69, respectively.

At the parallel market, the Naira showed strength, appreciating against the greenback during the session by 10 to sell for 1,610 compared with the previous trading session’s 1,620.

In the cryptocurrency market, most of the tokens displayed improvements on Tuesday, boosted by renewed investor optimism and glimmers of hope for an easing in US-China trade tensions.

Earlier on Tuesday, remarks from US Treasury Secretary Scott Bessent, who reportedly told investors at a closed-door JPMorgan event, indicated that the tariff standoff with China was becoming unsustainable.

Bessent said de-escalation would come “in the very near future,” describing current conditions as a “trade embargo.” However, he mentioned that a more comprehensive deal between the two nations could take several years to complete.

Later, President Donald Trump, speaking to reporters at the White House, said that US tariffs on China “will come down substantially” from the current 145 per cent level, aiming to quell concerns of a spiraling trade war.

Among the cryptocurrencies, Ethereum (ETH) experienced a significant surge of 10.6 per cent to reach 1,784.93, Dogecoin (DOGE) appreciated by 10.3 per cent to trade at 0.1812, Cardano (ADA) added 9.9 per cent to sell at 0.6971, and Solana (SOL) gained 7.9 per cent to close at 151.25.

Further, Ripple (XRP) grew by 7.5 per cent to sell at 2.25, Bitcoin (BTC) expanded by 6.2 per cent to trade at 93,822.95, Litecoin (LTC) increased by 5.8 per cent to sell at 84.22, and Binance Coin (BNB) went up by 2.3 per cent to sell at 617.20, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at 1.00 each.