Currencies

Lagos, Aug. 21, 2025 – The Nigerian currency, Naira, fell against the dollar at the official segment of the foreign exchange market on Wednesday, closing at N1,537.990 to the dollar. The official exchange rate at the market on Tuesday was N1,534.5000 to the dollar. Bid rates quoted by traders in the market on Wednesday ranged between N1,534.0000 and N1,535.5000 to the dollar. The depreciation of the naira in the market on Wednesday was due to increasing demand for foreign exchange in spite of the $160 million injected into the market …

Beijing, Aug. 21, 2025 – China is considering allowing the usage of yuan-backed stablecoins for the first time to boost wider adoption of its currency globally, sources familiar with the matter said, in a major reversal of its stance towards digital assets. The State Council – China’s cabinet – will review and possibly approve a roadmap later this month for the greater usage of the currency globally, including catching up with a U.S. push on stablecoins, said the sources. China’s plan for the usage of stablecoins, if approved, would mark …

Pakistan, Aug. 15, 2025 – Bitcoin hit a record high on Thursday during early Asian trading, surpassing $124,000, driven by favourable US legislation and a rise in US equities. The cryptocurrency rose above its previous July record, briefly exceeding $124,500 before retreating. US stocks ended higher Wednesday, with the S&P 500 index and the tech-heavy Nasdaq reaching new heights this week, contributing to the cryptocurrency’s rise. Bitcoin’s value has recently soared, fuelled by US regulatory changes under US President Donald Trump, a strong backer of the crypto sector. Its price …

Lagos, Aug. 15, 2025 – The Nigerian currency, the Naira, is still being traded at the black market in Lagos between N1,560 and N1,550 to the dollar on Friday. The exchange rates have remained within the band in the last few days, which traders attribute to the scarcity of foreign exchange in the market. The $180 million dollars injected into the official market by the Central Bank of Nigeria (CBN) last week has had minimal impact on the exchange rate. Meanwhile, the naira appreciated slightly against the dollar at the …

Pakistan, Aug. 15, 2025 – Bitcoin hit a record high on Thursday during early Asian trading, surpassing $124,000, driven by favourable US legislation and a rise in US equities. The cryptocurrency rose above its previous July record, briefly exceeding $124,500 before retreating. US stocks ended higher Wednesday, with the S&P 500 index and the tech-heavy Nasdaq reaching new heights this week, contributing to the cryptocurrency’s rise. Bitcoin’s value has recently soared, fuelled by US regulatory changes under US President Donald Trump, a strong backer of the crypto sector. Its price …

Lagos, Aug. 30, 2024 -The Nigerian currency, Naira, appreciated against the dollar at the official AFEM segment of the foreign market on Thursday, trading at N1,593.93 to the dollar. This was against the N1,606.56 to the dollar was it traded on Wednesday. The currency, however, depreciated at the black market segment of the market on Thursday to N1,625 to the dollar from N1,620 on Wednesday.  (GBN)

Lagos, Aug. 29, 2024 – The Nigerian currency, Naira, on Wednesday depreciated to N1,605.56 to the dollar at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) from N1,602.56 on Tuesday. The exchange, however, remained stable at the parallel market on Wednesday, still trading between the band of N1,620 and N1,621 to the dollar. The naira has been unstable at the NAFEM in the last one month in spite of renewed efforts of the Central Bank of Nigeria (CBN) to stabilise the rate through interventions.  (GBN)