Naira Don Gushet Small, Crypto Dem Don Waka Small Small

City, State/Country: Lagos, Nigeria

Naija currency, Naira, don do small small dance as e appreciate against the US Dollar for Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, August 28, by N1.58 join body, wey make am reach N1,535.61 from N1,537.19/$1 wey e dey do yesterday. But e no be all good news o, as Naira dey struggle for official market against Pound Sterling, see as e drop N9.67 to trade N2,076.42/£1, and e lose N12.58 against Euro, closing at N1,781.93/€1.

Parallel market dey maintain N1,545/$1 wey no change from yesterday abeg. Fresh forex (FX) injection from investors help ease Naira wahala small, as Central Bank of Nigeria (CBN) conduct open market operation on Wednesday, wey dem offer N300 billion for OMO bills wey go mature for 83 days. E be like say dis fresh move don boost dem investors confidence again.

CBN don do bigger OMO bill subscription again after di success wey dem get for di last one on Tuesday. Foreign portfolio investors and local banks show strong interest as they carry dem money dey bet, wey make about triple of di offer size. Dem dey talk say demand strong as bid-to-offer ratio reach over 290% and aggregate subscriptions hit N860 billion. E no be small money o!

Now make we talk about di crypto market, wahala dey as traders dey rush for profit. Many dem don shift attention to gold due to wetin dey happen wit di interest rate and US Dollar wey dey weak. Gold dey waka close to its record high of $3,534 wey it hit earlier this month due to fears wey don calm down about Swiss gold bars wey fit fall under White House tariffs. No be joke!

For di crypto scene, e no good as Ripple (XRP) fall by 3.0% to $2.90, Cardano (ADA) fall by 2.7% to $0.8442, Ethereum (ETH) fall by 1.9% reach $4,472.12, Bitcoin (BTC) don crumble by 1.5% to $111,198.46, Dogecoin (DOGE) lose 1.4% to $0.2201, and Litecoin (LTC) dey dip by 0.7% to $112.66. E no be joy matter for di crypto market again this week.

But no worry, Solana (SOL) don flex muscle, gain 2.2% to sell at $215.01, and Binance Coin (BNB) dey rise small at 0.2% to $870.28, with US Dollar Tether (USDT) and US Dollar Coin (USDC) just dey sit down flat at $1.00 each. E be like say di currency market na big jollof rice wey plenty wahala dey inside!