The Naira appreciated against the United States Dollar at the black market by N1 on Friday, July 25 to quote at N1,535/$1, in contrast to the N1,536/$1 it was transacted on Thursday.
However, it depreciated against the greenback in the Nigerian Autonomous Foreign Exchange Market (NAFEM) window by 22 Kobo or 0.01 per cent to N1,534.66/$1 from the previous day’s value of N1,534.88/$1.
At the same official market, the Nigerian currency, however, improved its value against the Pound Sterling yesterday by N3.56 to close at N2,062.66/£1 compared with the preceding session’s N2,070.88/£1 and gained N8.60 against the Euro to finish at N1,800.84/€1 versus Thursday’s closing price of N1,807.06/€1.
The Nigerian Naira lost against the Dollar in the spot market on Friday amid renewed optimism on ongoing reforms and improvements in macroeconomic stability.
Analysts from Cordros Securities expect inflation to remain on a downward trend, especially as the Naira is projected to remain stable.
“Additionally, we expect petroleum product prices to remain stable, supported by low global oil prices, which should help maintain steady transportation costs,” it said in a note.
The firm explained that capital inflows have equally rebounded since global financial pressures eased in May, adding that elevated Naira yields and a stable FX market continued to attract foreign portfolio investments and bolster investor confidence.
Meanwhile, the crypto market was upbeat yesterday a a wave of ETF-driven optimism and post-lawsuit momentum builds despite price turbulence and large-scale liquidations.
Both Ripple (XRP) and Solana (SOL) are benefiting from increased interest and a more crypto-friendly regulatory environment in the US.
Solana (SOL) grew by 4.5 per cent to $186.21, Dogecoin (DOGE) jumped by 4.5 per cent to $0.2372, Ethereum (ETH) appreciated by 3.1 per cent to $3,738.89, Ripple (XRP) rose by 2.8 per cent to $3.11, Binance Coin (BNB) went up by 2.7 per cent to $782.91, Cardano (ADA) increased by 2.6 per cent to $0.8187, Bitcoin (BTC) expanded by 1.9 per cent to $117,388.79, and Litecoin (LTC) soared by 1.4 per cent to $113.15, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.