The Naira depreciated by ₦10.23 (0.75%) against the U.S. Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 7, closing at ₦1,522.78/$1, down from ₦1,512.55/$1 the previous day.
Despite a double intervention by the Central Bank of Nigeria (CBN), the Naira continued its downward trend, raising concerns about forex stability amid depleting reserves.
Performance Against Other Currencies
British Pound
Fell by ₦47.74 to ₦1,960.28/£1 (from ₦1,912.28/£1).
Euro
Declined by ₦40.39 to ₦1,648.94/€1 (from ₦1,608.55/€1).
Black Market Rate
Naira depreciated by ₦10, trading at ₦1,570/$1, compared to ₦1,560/$1 the previous day.
Crypto Market Volatility Following Trump’s Bitcoin Reserve Reversal
The cryptocurrency market tumbled after a White House official backtracked on Donald Trump’s announcement regarding the creation of a U.S. crypto reserve. The official clarified that the five cryptocurrencies mentioned were only examples, not necessarily the largest by market cap.
Trump’s initial statement, posted on March 2, claimed that the crypto reserve would revitalize the industry after alleged attacks from the Biden administration. However, the inclusion of Solana (SOL), Cardano (ADA), and Ripple (XRP) drew criticism, with concerns about potential corruption and self-dealing.
Impact on Crypto Prices
Cardano (ADA): -5.2% to $0.8296
Ripple (XRP): -5.1% to $2.36
Solana (SOL): -3.2% to $139.76
Bitcoin (BTC): -2.4% to $86,462.32
Ethereum (ETH): -1.9% to $2,144.48
Dogecoin (DOGE): -1.4% to $0.1979
Binance Coin (BNB): -0.8% to $597.86
Litecoin (LTC): +2.9% (the only major crypto to gain).
Stablecoins (USDT, USDC): Remained at $1.00.
The mixed signals from the Trump administration have added to market uncertainty, impacting both forex and crypto sectors.
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