By Adedapo Adesanya
This report covers two key financial updates: the performance of the Naira in Nigeria’s official and parallel (black) exchange markets, and the cryptocurrency market’s reaction to US economic data.
Nigerian Naira
The Naira appreciated in the Nigerian Autonomous Foreign Exchange Market (NAFEM), closing at N1,631.21/$1 on Friday, a 1.7% improvement from the previous day. This is notable progress as it gained N28.05 against the US Dollar. The session, however, saw a significant drop in turnover, down 46.9% to $239.36 million from Thursday’s $450.39 million.
- Pound Sterling: Naira appreciated by N24.21, trading at N2,175.44/£1.
- Euro: It gained 78 Kobo to close at N1,830.11/€1.
- Black Market: Naira improved by N5, closing at N1,670/$1.
Cryptocurrency Market
The cryptocurrency market surged following strong US employment data in September, which surpassed expectations with the addition of 254,000 jobs. This boosted market confidence and triggered gains in major cryptocurrencies:
- Bitcoin (BTC): Up 1.2% to $62,119.45.
- Ethereum (ETH): Increased 1.5% to $2,420.31.
- Solana (SOL): Rose by 3.6% to $144.26.
- Binance Coin (BNB): Jumped 2.4% to $563.08.
- Ripple (XRP): Gained 1.7% to $0.5824.
Other cryptos, such as Cardano (ADA), Litecoin (LTC), and Dogecoin (DOGE), also recorded modest gains, while stablecoins like US Dollar Coin (USDC) and US Dollar Tether (USDT) remained stable at $1.00.
These market movements reflect both local currency stabilization in Nigeria and global market optimism fueled by positive economic signals from the US.
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