The Naira appreciated against the United States Dollar by N0.59 per cent or N9.28 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment on Tuesday, June 17 to N1,545.29/$1 from the previous day’s value of N1,554.57/$1.
Also, the Naira gained against the Pound Sterling in the spot market during the session by N6.54 to sell for N2,094.92/£1 versus the preceding day’s N2,101.46/£1 and strengthened against the Euro by N5.59 to trade at N1,786.33/€1, in contrast to Monday’s value of N1,791.92/€1.
Similarly, the Nigerian currency improved its value on the greenback in the parallel market yesterday by N5 to quote at N1,585/$1 compared with the N1,590/$1 it was traded a day earlier.
It was observed that the domestic currency has started to regain its feet in the forex market segments because of the cooling inflation.
Nigeria’s headline inflation rate eased further to 22.97 per cent in May 2025, according to the National Bureau of Statistics (NBS), compared with the 23.71 per cent it recorded in April 2025.
This development will support sustained investor confidence and market optimism boosted by offshore FX inflows as well as boosting local production, easing FX pressure, and strengthening non-oil exports over the last few months.
Also, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, assured that the federal government was committed to deepening alignment of Nigeria’s fiscal and monetary policies to stimulate economic growth following discussions with the Governor of the Central Bank of Governor (CBN), Mr Yemi Cardoso.
Meanwhile, the cryptocurrency market turned red on Tuesday, triggered by military escalation between Israel and Iran. This kept traders cautious especially as President Donald Trump threatened Iran’s supreme leader amid the Middle East clash.
Solana (SOL) fell by 3.8 per cent to $147.14, Ripple (XRP) lost 3.5 per cent to trade at $2.15, Cardano (ADA) went down by 2.8 per cent to $0.6142, and Ethereum (ETH) fell by 2.3 per cent to $2,524.69.
Further, Bitcoin (BTC) declined by 1.8 per cent to $105,001.59, Dogecoin (DOGE) slumped by 1.8 per cent to sell at $0.1704, Litecoin (LTC) depreciated by 1.6 per cent to $84.94, and Binance Coin (BNB) slid by 0.9 per cent to $651.63, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.