What happened: The Nigerian Naira took a heavy hit, dropping to N1,361.84/$1 in the official market due to surging FX demand, holiday-season import pressures, and profit-taking by investors. Meanwhile, the broader crypto market turned red as traders braced for the upcoming US Federal Reserve meeting, with Bitcoin dipping to $80,732 and US spot bitcoin ETFs suffering $635 million in outflows.
Why it matters: Macroeconomic pressure and spiking foreign exchange demand directly impact local liquidity and crypto adoption corridors. At the same time, global risk-off sentiment tied to inflation worries and cautious Fed expectations are weighing down major digital assets across the board.
