Naira Loses Ground, Trades at N1,321.22/$1 Amid Cryptocurrency Decline
The Nigerian Naira experienced a slight setback in its recent positive run, shedding 0.42% to trade at N1,321.22/$1 against the US Dollar on Friday in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
This development comes after the local currency had been gaining strength due to improved liquidity and a tighter monetary policy stance.
The Central Bank of Nigeria's (CBN) efforts to strengthen market efficiency and restore stability have also contributed to the Naira's recovery, which has clawed back part of its losses since President Bola Tinubu's administration introduced foreign exchange reforms.
In related news, the cryptocurrency market saw a decline in several major assets, with Bitcoin falling 1.5% to $79,706.24 due to increased expectations of a September rate hike by the US Federal Reserve.