It was another bad day for the Nigerian Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday as its value further weakened against the US Dollar.
Data harvested by Business Post showed that it lost N4.50 or 0.29 per cent against the greenback during the trading session to finish at N1,531.10/$1 compared with the N1,526.60/$1 it was exchanged on Thursday.
However, the Nigerian currency appreciated against the Pound Sterling in the same official market yesterday by N31.10 to close at N2,066.31/£1 compared with the previous day’s N2,070.29/£1 and gained N5.95 on the Euro to sell for N1,783.57/€1, in contrast to the N1,787.66/€1 it was traded a day earlier.
In the black market, the Naira weakened against the United States currency on Friday by N5 to quote at N1,535/$1 versus the N1,530/$1 it was transacted in the preceding trading day.
After initial volatility in the first half of the year, the Naira has showed stability even as global oil prices declined, a sharp contrast to its previous fundamentals and this is expected to continue amid rising FX reserves.
Recent data from early July indicates a slight improvement in the country’s FX reserves, primarily attributed to enhanced foreign portfolio investment (FPI) inflows; however, the trajectory of reserves remains susceptible to external headwinds.
The reduced FX demand pressures, particularly due to a slowdown in import trade-related outflows are also expected to provide support.
Also, there are early signs that import-related FX demand is beginning to recover in the past few days.
Also, the Naira appreciated by 3.5 per cent in June 2025, to close at N1,532.0 per Dollar at the official window driven by improved market sentiment.
Meanwhile, the cryptocurrency market firmed up yesterday, with Ripple (XRP) chalking up 6.9 per cent to sell at $2.76, as traders look for regulatory clarity and practical adoption. This week, Ripple Labs’ CEO, Mr Brad Garlinghouse, argued for clearer crypto regulations at the US Senate Banking Committee.
Regulation could be beneficial for the token which has positioned itself an institutional-grade cryptocurrency rather than other speculative assets.
Further, Cardano (ADA) added 1.9 per cent to trade at $0.7132, Dogecoin (DOGE) jumped by 1.5 per cent to $0.2009, and Binance Coin (BNB) appreciated by 0.9 per cent settle at $692.79.
On the flip side, Litecoin (LTC) declined by 2.2 per cent to $93.04, Ethereum (ETH) went down by 0.9 per cent to $2,963.58, Solana (SOL) slipped by 0.7 per cent to $162.95, and Bitcoin (BTC) dropped 2.4 per cent to close at $111,412.99, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.