By Adedapo Adesanya
The Nigerian Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, September 11, gaining N1.70, or 0.13%, to settle at N1,326.52 per $1, down from the previous day’s N1,328.22.
The currency also strengthened versus the British Pound, climbing N5.70 to close at N1,792.52 per £1, and edged up N13.75 against the Euro to reach N1,540.22 per €1, compared with Thursday’s N1,540.99.
In the parallel (black) market, the Naira improved by N5 to N1,370 per $1, while at the GTBank FX desk it gained N10, selling at N1,330 per $1 versus the prior session’s N1,340.
The Nigerian Naira’s continued appreciation is supported by a stronger reserve position, heightened dollar liquidity and sustained foreign‑exchange inflows. Nigeria’s gross external reserves rose to $54.283 billion during the week.
These gains are emerging as seasonal foreign‑exchange demand approaches and global oil‑market dynamics continue to bolster Nigeria’s external earnings.
Interbank foreign‑exchange turnover fell sharply, dropping 58.3% to $148.85 million, with the number of trades declining to 107 from 234.
In the digital‑currency arena, benchmark tokens posted modest gains after US inflation data for August largely met expectations, though the core inflation rate rose faster than forecast, keeping a Federal Reserve rate increase on the agenda for its upcoming meeting. The Consumer Price Index climbed 0.4% month‑on‑month in August.
Federal Reserve Chairman Kevin Warsh signaled in a Jackson Hole speech that the central bank may need to act if inflation does not soon show signs of easing.
Notable price movements included Binance Coin (BNB) up 4.5% to $733.66, Ethereum (ETH) gaining 2.3% to $2,472.21, Solana (SOL) rising 1.8% to $101.61, Ripple (XRP) advancing 0.9% to $1.36, Dogecoin (DOGE) adding 0.9% to $0.0847, TRON (TRX) up 0.3% to $0.3393, Cardano (ADA) gaining 0.2% to $0.2088, while Bitcoin (BTC) closed at $77,243.21. Stablecoins USDT and USDC held steady at $1.00.
