.jpeg?w=1024&resize=1024,1024&ssl=1 "MI Looks for New Head Coach for IPL 2027: Three Candidates Under Consideration")
By Adedapo Adesanya
The Nigerian Naira showed minimal movement against the US Dollar across foreign exchange windows on Friday, maintaining stability in a market characterized by modest volatility.
In the parallel market, the exchange rate stayed unchanged at N1,358 per US Dollar during the session, reflecting limited demand for foreign exchange.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official rate edged lower by 15 kobo to N1,331.76 per Dollar, down from the previous day’s N1,331.61.
The local currency also moved against other major benchmarks: it weakened by 16 kobo against the Euro to N1,490.64 per Euro, while it gained 1.81 naira against the Pound Sterling, settling at N1,762.45 per Pound.
Interbank foreign exchange turnover declined by 28.2 percent to $258.462 million, according to Central Bank of Nigeria data, though the number of transactions rose to 135 from 128 the day before.
Market analysts note that the Naira‑Dollar outlook remains relatively stable in the medium term, supported by the CBN’s efforts to bolster external reserves, enhance foreign exchange liquidity, and implement accommodative monetary policies.
Cryptocurrency markets experienced downward pressure as investors weighed mixed flows in US spot Bitcoin ETFs and ongoing concerns about institutional demand.
Digital assets struggled to retain recent gains amid stronger US economic data and expectations of further Federal Reserve rate hikes.
US spot Bitcoin ETFs recorded net outflows of $82.39 million on October 16, with BlackRock’s iShares Bitcoin Trust accounting for $71.78 million of those withdrawals, a movement attributed to investor redemptions rather than strategic portfolio adjustments.
Key cryptocurrencies posted modest declines: Cardano (ADA) fell 3.6 percent to $0.2234, Ripple (XRP) dropped 2.9 percent to $1.30, Dogecoin (DOGE) declined 2.4 percent to $0.0804, Solana (SOL) slipped 1.7 percent to $104.89, Binance Coin (BNB) lost 1.3 percent to $721.49, Ethereum (ETH) depreciated 0.9 percent to $2,432.99, and Bitcoin (BTC) eased 0.7 percent to $81,607.76.
In contrast, Tron (TRON) gained 0.2 percent to $0.3354, while stablecoins US Dollar Tether (USDT) and US Dollar Coin (USDC) held steady at $1.00 each.
