The Naira appreciated against the United States Dollar by N8.88 or 0.58 per cent to N1,529.74/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, June 30 from the N1,538.62/$1 recorded last Friday.
Also, the local currency gained against the Pound Sterling in the official FX market yesterday by N17.66 to close at N2,094.63/£1 compared with the preceding session’s N2,112.29/£1 and against the Euro, it chalked up N11.02 on the Euro to settle at N1,794.66/€1, in contrast to the previous trading day’s rate of N1,805.68/€1.
In the same vein, the Nigerian currency appreciated against the US Dollar in the parallel market yesterday by N10 to sell for N1,560/$1 compared with the previous trading session’s value of N1,570/$1.
The local currency continued to find support as improved FX supply kept the market afloat despite the absence of FX intervention sales by the Central Bank of Nigeria (CBN) to avoid oversupplying.
Stability in macroeconomic numbers and sustained economic reform programmes also provided support to boost foreign investors’ sentiment and confidence in the markets.
Meanwhile, in the cryptocurrency market, the bears dominated as the disagreement between billionaire Elon Musk and President Donald Trump just got heated. Traders found the reason to support a drop in prices after they moved range-bound for many days.
Mr Musk continues to challenge President Trump’s Big Beautiful Bill, saying if the bill gets passed, he will establish or support creating a new political party in the United States.
He pinned the result of a poll calling for a new political party on his social media platform X while osted on his Truth Social account that the government efficiency body, DOGE may look into cutting Elon Musk subsidies. He added that Musk knew about him being a strong critic of the EV mandate.
With both men actively pro-crypto, the market moved with the development with Dogecoin (DOGE) shedding 1.9 per cent to sell at $0.1630, and Bitcoin (BTC) losing 0.9 per cent to trade at $106,857.75.
Further, Ethereum (ETH) went down by 0.9 per cent to $2,462.34, Litecoin (LTC) shrank by 0.8 per cent to $85.94, Cardano (ADA) slid by 0.5 per cent to $0.5628, and Binance Coin (BNB) dipped by 0.2 per cent to $653.45.
On the flip side, Ripple (XRP) rose by 1.4 per cent to $2.21, and Solana (SOL) appreciated by 0.4 per cent to $151.34, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.