Naira Marginally Appreciates Against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX)

The Nigerian Naira showed signs of recovery on Friday, April 11, displaying resilience against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX).

After opening the week relatively weak, the Naira demonstrated signs of strength, managing to close the trading session at N1,601.04/$1. This marks a marginal appreciation compared to Thursday’s rate of N1,601.38/$1, indicating a 0.08 per cent or 34 Kobo improvement in the Nigerian currency’s value against the greenback.

However, despite this slight gain, the Naira encountered setbacks against the Pound Sterling and the Euro.

In the previous session, the British currency was sold at N2,186.65/£1, but on Friday, it depreciated to N2,145.85/£1, showcasing a depreciation of N5.57. Similarly, the Euro closed at N1,818.82/€1 on Thursday, but on Friday, it underwent a further decline, selling for N1,823.82/€1, indicating a depreciation of N5.00.

At the beginning of the week, the Iranian currency was stable in the parallel market, remaining unchanged at N1,610/$1.

Meanwhile, the cryptocurrency market displayed bearish tendencies on Friday, notably after a wave of economic data suggested that US economic activity is slowing down due to the tariffs imposed by President Donald Trump’s administration.

A survey by the Conference Board revealed that consumer confidence is currently at its lowest level since May 2020, a period marked by worldwide lockdowns. Nonetheless, there are indications that the administration’s efforts to negotiate trade deals with other countries could be offering support.

Dogecoin (DOGE) experienced a depletion of 3.3 per cent, selling at $0.1740, while Ripple (XRP) lost 2.6 per cent of its value, quoting at $2.22. Cardano (ADA) displayed a slump of 2.4 per cent, trading at $0.6955, and Litecoin (LTC) went down by 1.9 per cent to finish at $84.89. Solana (SOL) also saw a depreciation of 1.4 per cent, closing at $146.55.

Furthermore, Ethereum (ETH) declined by 1.3 per cent to end at $1,779.01, Binance Coin (BNB) crumbled by 1.2 per cent to settle at $603.30, and Bitcoin (BTC) slipped by 0.2 per cent to trade at $94,682.75. In contrast, the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained fundamentally stable at $1.00 each.