Business
Naira Hits Record Low At N196.30 To Dollar
The naira hit an all-time low
of 196.30 against the dollar at the interbank segment of the foreign exchange (Forex) market last Monday, following the announcement of the shifting of the general elections by six weeks.
The Independent National Electoral Commission (INEC) had last Saturday announced the postponement of the elections from February 14 and 28 to March 28 and April 11.
The shift of the elections has cast a shadow on the naira’s outlook, pushing the forex markets into a panic mood, according to analysts.
Foreign exchange dealers and financial analysts at some banks in Port Harcourt and the presidential hotel in Port Harcourt told our correspondent that the poll shift had heightened pressure on the naira as investors were worried over whether the elections would hold or not.
Last Friday, the naira closed at 193.90 against the dollar despite an intervention by the Central Bank of Nigeria (CBN). The naira had further closed at 192.70 to the greenback yesterday.
GiftGift“The postponement of the elections was a major blow to the naira.
“The naira has fallen by this margin because investors are worried over whether the elections would hold or not. In a way, it has heightened the security risk on the country,” said a forex dealer who chose to speak under anonymity.
They (analysts) further predicted that the naira may cross N200 against the dollar at the interbank market if the trend continues.
This, they said, would push the value at the parallel market to about N230 up from the current N207. The head, Investment and Research, Afrinvest West Africa Limited, a business advisory and research firm, Mr. Ayodeji Ebo said the delay in the polls will increase election spending and outflows of funds from foreign portfolio investors.
According to him, the development would continue to put pressure on the naira even as he said a lot of people were also now betting on the naira because of the uncertainty in the country.
Although most analysts are predicting another devaluation to around N210, the naira non-derivatives traded offshore-pointed to it being priced at around N255 in a year’s time.
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.