Naira-and-Dollars (2) (1).webp
The naira showed minor strength at the official market on Friday, closing at N1,586.19/$1, while remaining steady at N1,625/$1 in the black market. Market optimism continues despite FX pressures and global economic tensions.

  • At NAFEM, the naira gained N0.30 to close at N1,586.19/$1.
  • Gains also recorded against the Pound (N2,136.39/£1) and Euro (N1,797.11/€1).
  • The black market rate remained unchanged at N1,625/$1.
  • Confidence persists despite reduced CBN intervention.
  • The crypto market took a hit amid US-China tensions.

While the naira nudged forward at the official window, stability in the parallel market suggests that traders may be holding their breath amid declining central bank influence and fresh global uncertainty. The slight improvement may also reflect seasonally lower demand for forex and cautious optimism in financial markets.

Tensions between the US and China rocked the crypto space. Bitcoin dropped 1.7% to $103,903.08, while Dogecoin plunged 6.7%. Ethereum, Solana, Cardano, and others also recorded losses, showing just how sensitive risk assets remain to geopolitical rumblings.