On Wednesday, July 2, the value of the Nigerian Naira further improved against the United States Dollar in the parallel market and the Nigerian Autonomous Foreign Exchange Market (NAFEX).
Data revealed that in the black market segment, the Naira gained N10 against the greenback yesterday to settle at N1,550/$1, in contrast to the N1,560/$1 it was traded a day earlier.
Also, in the official market, the Nigerian currency appreciated against the Dollar by 0.21 per cent or N3.32 to close at N1,526.31/$1 compared with the N1,529.63/$1 it was exchanged on Tuesday.
In the same spot market, the local currency improved its value against the Pound Sterling by N26.06 to sell for N2,074.66/£1 versus the previous day’s N2,100.72/£1 and against the Euro, it lost N8.76 to trade at N1,804.59/€1 compared with the preceding session’s N1,794.66/€1.
Market analysts noted that the Naira has been supported by sufficient FX liquidity levels amidst growing foreign investors’ confidence, adding that selling has become more profitable than hoarding.
Yesterday, the International Monetary Fund (IMF) praised the country’s reforms in the forex market, saying the landscape has recorded stability, with the Naira a beneficiary.
“Naira stabilization and improvements in food production brought inflation to 23.7 percent year-on-year in April 2025 from 31 percent annual average in 2024 in the backcasted rebased CPI index released by the Nigerian Bureau of Statistics.
“Inflation should decline further in the medium term with continued tight macroeconomic policies and a projected easing of retail fuel prices,” it said.
It also warned that the country may struggle with earnings and economic downturn if crude oil prices in the global market continue to decline.
Meanwhile, the cryptocurrency market bubbled at midweek as President Donald Trump of the US announced a trade deal with Vietnam, helping risk assets across the board.
Under the deal, the US will impose a 20 per cent tariff on goods from Vietnam and a 40 per cent levy on transshipped goods—products routed through Vietnam on their way to America. In turn, US exports will face no tariffs when entering the Vietnamese market.
Cardano (ADA) rose by 9.1 per cent to $0.6050, Dogecoin (DOGE) jumped by 8.1 per cent to $0.1739, Litecoin (LTC) grew by 7.2 per cent to $90.18, Ethereum (ETH) expanded by 6.3 per cent to $2568.67, and Solana (SOL) gained 4.3 per cent to close at $155.42.
Further, Ripple (XRP) appreciated by 3.9 per cent to $2.27, Bitcoin (BTC) jumped by 2.4 per cent to $109,454.11, and Binance Coin (BNB) increased its value by 1.5 per cent to sell for $661.33, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.