The Naira was relatively stable against the US Dollar in the various segments of the foreign exchange (FX) market on Tuesday, July 1, 2025.
In the black market, the Nigerian currency remained unchanged during the session at N1,560/$1, according to data obtained by Business Post.
At the Nigerian Autonomous Foreign Exchange Market (NAFEX) yesterday, the local currency marginally gained 11 Kobo against the greenback to settle at N1,529.63/$1 compared with the preceding day’s N1,529.74/$1.
However, the Naira weakened against the Pound Sterling in the official forex market window on Tuesday by N6.09 to trade at N2,100.72/£1 versus Monday’s closing price of N2,094.63/£1 and against the Euro, it lost N9.63 to sell for N1,804.59/€1, in contrast to the previous day’s N1,794.66/€1.
The domestic currency, over the recent weeks, has been stable due to sustained investor confidence and market optimism boosted by offshore FX inflows, as well as boosting local production, easing pressure, and strengthening non-oil exports.
FX inflows into the forex market reached $1.03 billion last week, according to Coronation Research, complementing data which showed that the Central Bank of Nigeria (CBN) injected more than $96 million into the official FX market in the same period.
Meanwhile, the cryptocurrency market was down yesterday as a slew of data hindered an upside momentum in crypto prices.
For instance, the recent JOLTs job openings and ISM Manufacturing PMI data hinted at a strong labour market and inflationary impact of Donald Trump’s tariffs.
Job openings climbed to the highest level since November 2024. Meanwhile, higher-than-expected ISM Manufacturing PMI indicated a robust economy, which could influence the US Federal Reserves to delay rate cuts amid inflationary pressures.
Litecoin (LTC) shrank by 1.9 per cent to $84.13, Solana (SOL) fell by 1.4 per cent to $149.19, Ripple (XRP) declined by 1.4 per cent to $2.18, Cardano (ADA) slid by 1.3 per cent to $0.5551, Dogecoin (DOGE) slumped by 1.2 per cent to $0.1610, Ethereum (ETH) dipped by 0.6 per cent to $2,446.06, and Binance Coin (BNB) crashed by 0.1 per cent to $652.36, while Bitcoin (BTC) expanded by 0.07 per cent to $108,098.84, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) trading flat at $1.00 each.