The Naira extended its appreciation against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, July 29 by N1.10 or 0.07 per cent, closing at N1,533.29/$1, in contrast to the N1,534.39/$1 it ended on Monday.
Also, the Nigerian Naira appreciated further against the Pound Sterling in the official market during the session by N17.78 to settle at N2,041.59/£1 compared with the preceding session’s N2,059.37/£1 and gained N19.90 against the Euro to sell for N1,766.84/€1 versus the N1,786.74/€1 it was transacted a day earlier.
However, in the black market, the Nigerian currency maintained stability against the greenback yesterday to remain unchanged at N1,540/$1.
The appreciation in the domestic currency in the spot market has been tied to renewed optimism over ongoing reforms and improvements in macroeconomic stability.
The International Monetary Fund (IMF) upwardly reviewed Nigeria’s 2025 economic growth forecast to 3.4 per cent, from the 3.0 per cent projection in its April 2025 World Economic Outlook (WEO).
The global lender signals renewed optimism about Nigeria’s near-term economic prospects despite global uncertainties and domestic macroeconomic challenges, adding that the upgrade is driven by more favourable financial conditions, a temporary easing in tariff pressures, and resilient trade activity.
In the cryptocurrency market, it was bearish due to leveraged traders trimming their exposure and churn in altcoins, with Binance Coin (BNB) losing 3.1 per cent to close at $805.42.
Dogecoin (DOGE) slumped by 2.5 per cent to $0.2239, Cardano (ADA) weakened by 2.0 per cent to $0.7875, Solana (SOL) slid by 1.8 per cent to $181.83, Litecoin (LTC) went down by 0.9 per cent to $109.15, Ripple (XRP) declined by 0.7 per cent to $3.13, Bitcoin (BTC) fell by 0.5 per cent to $118,306.76, and Ethereum (ETH) plunged by 0.2 per cent to $3,827.14, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.