The Naira appreciated to N1,552.62/$1 at NAFEM due to sustained policy interventions, even as the global crypto market plunged following a public fallout between Donald Trump and Elon Musk. DOGE, ETH, and BTC were among the hardest hit.
- Naira appreciated by N13.99 at NAFEM, now N1,552.62/$1
- Parallel market flat at N1,610/$1
- Trump and Musk's clash over a US bill spooked global crypto traders
- Dogecoin fell by 7.2%, Ethereum by 5.8%, and Bitcoin by 1.3%
While Nigeria's currency gains momentum from local reforms and FX support, the Trump-Musk spat underscores how global political drama can destabilise digital assets. Musk’s erratic response and Trump’s retaliation spooked investors, fuelling a sharp selloff. Interestingly, the Naira remained unaffected by this global crypto storm, a sign of reduced speculative exposure.
As crypto volatility shakes global markets, Nigeria’s fiscal reforms are helping the Naira hold its ground. Will the central bank sustain this trajectory post-holiday?
