Nigeria News: The Naira held steady against the US Dollar at NAFEM, closing at N1,540.68/$1, halting its recent trend of depreciation in the Abuja news spotlight. However, the Naira weakened against the Pound Sterling and Euro, marking a challenging day for the local currency market. The black market saw a dip, with the Naira trading at N1,590/$1.
Despite interventions, the pressure on the forex market persists amid fears of dwindling foreign reserves, which lost over $2 billion in the past month. In the crypto sphere, positive traction was noted as Ripple and Ethereum gained value, while Bitcoin and Cardano faced declines, reflecting mixed sentiments in global markets.
Key Takeaways:
- The Naira remained steady against the Dollar but declined against the Pound and Euro.
- Nigeria’s foreign reserves continue to decrease amid CBN’s interventions.
- Mixed performances in the cryptocurrency market with notable gains for Ripple.
Source: Business Post Nigeria
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