The Naira further appreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, July 6, by N1.92 or 0.14 per cent to end at N1,368.27/$1, in contrast to the previous exchange rate of N1,370.19/$1.
The domestic currency also improved its value against the Pound Sterling in the official forex market during the session by N2.98 to trade at N1,826.91/£1 versus last Friday’s value of N1,829.89/£1, and against the Euro, it gained N5.63 to quote at N1,562.69/€1 compared with the preceding session’s N1,568.32/€1.
In the same vein, the Nigerian Naira gained N1 against the US Dollar at the GTBank FX counter during the session to close at N1,831/$1 compared with last Friday’s quoted price of N1,832/$1, and at the parallel market, it remained unchanged at N1,390/$1.
Monday’s appreciation reinforced the local currency’s relative stability witnessed in recent months under ongoing monetary and foreign exchange reforms by the Central Bank of Nigeria (CBN).
Market analysts linked the sustained improvement to stronger foreign-exchange liquidity in the official market, also citing improved investor confidence, which has supported demand and supply conditions in the FX market.
According to analysts, sustained policy measures introduced by the apex bank have continued to strengthen market transparency and price discovery.
Updated data showed the country’s gross external reserves ended the week at $51.46 billion following successive FX inflows from across multiple sources.
In the cryptocurrency market, Bitcoin (BTC) held in the low $63,000s, despite Strategy’s disclosure this week that it sold 3,588 bitcoin for about $216 million, its largest sale since abandoning its never-sell stance, which the market largely absorbed without breaking the recovery. It appreciated by 0.2 per cent to $63,069.84, while Solana (SOL) improved by 0.8 per cent to $80.94, and TRON (TRX) expanded by 0.2 per cent to $0.3295.
On the flip side, Cardano (ADA) fell by 2.5 per cent to $0.1793, Dogecoin (DOGE) slumped by 2.2 per cent to $0.0749, Ripple (XRP) depreciated by 1.1 per cent to $1.12, Binance Coin (BNB) slid by 0.5 per cent to $578.79, and Ethereum (ETH) slipped by 0.2 per cent to $1,767.90, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
