Olumide Adesina

1 day ago | nairametrics.com | Olumide Adesina

Bitcoin has, multiple times in the last 72 hours, attempted to stay above $108K. Latest price action shows waning buying pressure in the digital asset class despite scaling backing above $100k this week. The pioneer crypto asset was last trading around $107,500. Buyers and sellers have significant stakes at this level. If buyers push further, they might deplete the sellers’ liquidity sitting near $108K, sparking upward momentum.

2 days ago | nairametrics.com | Olumide Adesina

The Naira broke the key resistance line at the black market while the greenback sank to a 3-year low in the global foreign exchange market. The Nigerian currency settled at N1,590/$ during the mid-week trading session at the unofficial market, up from N1,595-N1,600/$ on Tuesday. The local currency strengthened to N1,549/$ in the Nigerian Foreign Exchange Market (NFEM). CBN data Nigeria showed the naira marginally strengthened from N1,550/$ to N1,549/$ at the official market.

3 days ago | nairametrics.com | Olumide Adesina

Cocoa prices settled at $8.796 per ton during the mid-week trading session in the US futures market, as Nigeria increasingly bets on the cash crop upside for the long haul. Ongoing US tariffs have led to an increase in speculative buying for cocoa futures, which in turn boosted the cash crop’s fortune. Nigeria is the sixth-largest cocoa exporter globally. The country produced roughly 280,000 metric tons of cocoa by the end of 2022.

4 days ago | nairametrics.com | Olumide Adesina

The naira traded around the N1,600/$ mark on Tuesday in the unofficial market and depreciated to N1,550/$ in the Nigerian Foreign Exchange Market (NFEM). CBN data showed the Nigerian currency weakened to N1,550/$ from N1,547/$ last Friday. The Naira’s fundamental outlook sharply blurred when oil prices fell below $70 a barrel, amid tension easing in the Middle East. Crude oil is Nigeria’s main source of foreign exchange (FX) earnings.

1 week ago | nairametrics.com | Olumide Adesina

Recent price movements indicate that the Nigerian currency has remained in a consolidation phase in the unofficial market, fluctuating between N2,150 and N2,250/£/£ this month due to increased buying pressure on the British pound in Nigeria’s commercial capital. Recent monetary fundamentals suggest that the CBN’s ongoing reforms, along with the participation of foreign investors, will be crucial in determining whether the Nigerian naira remains stable in 2025.