Naira Extends Gains to Seventh Session, Closes at N1,367.76/$1

The Naira appreciated for the seventh straight session against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, July 23. It gained 0.14 per cent or N1.87 to trade at N1,367.76/$1, down from the previous day’s N1,369.63/$1.

Naira Gains Across All Markets

In the official market, the Nigerian currency also strengthened against the Pound Sterling. It rose by N8.67 to close at N1,824.45/£1, compared to Wednesday’s N1,833.12/£1. Against the Euro, the Naira gained N6.25 to sell at N1,556.78/€1, versus the midweek session’s N1,563.03/€1.

In the parallel market, the Naira gained N5 against the US Dollar to settle at N1,395/$1, up from N1,400/$1 the previous day. At the GTBank forex counter, it strengthened by N4 to quote at N1,379/$1, compared to the earlier rate of N1,383/$1.

FX Turnover Drops but Deals Surge

The positive run for the Naira came as FX turnover at the Nigerian foreign exchange market declined by 24 per cent to $1.163 billion from the $1.532 billion recorded a day earlier. However, the number of deals executed across the window by market makers surged to 417 from 313 reported the previous day.

Traders Warn of Possible Weakness

Traders project that the local currency may weaken soon. They cite foreign-currency buying from fuel importers as a key pressure point. Dangote Refinery, which distributes the majority of the country’s petrol supply, resumed the sale of petrol in Naira after announcing last week that it would start selling petroleum products to marketers in Dollars.

Crypto Market Slips on Tech Stock Rout

Meanwhile, the cryptocurrency market was down as $800 billion evaporated from the biggest US technology stocks. Analysts noted concerns that Big Tech is spending on artificial-intelligence infrastructure faster than profits can justify. Dogecoin (DOGE) fell by 4.4 per cent to $0.0693. Cardano (ADA) also dropped 4.4 per cent to $0.1668. Ethereum (ETH) depreciated by 2.2 per cent to $1,883.48. Solana (SOL) dipped by 2.1 per cent to $75.85. Ripple (XRP) crashed by 2.0 per cent to $1.11. Bitcoin slipped by 0.4 per cent to $65,415.27. Binance Coin (BNB) tumbled by 0.3 per cent to $568.41. However, TRON (TRX) gained 0.3 per cent to end at $0.3287. The US Dollar Tether (USDT) and US Dollar Coin (USDC) remained unchanged at $1.00 apiece.

What This Means for the Naira and Consumers

The sustained Naira appreciation offers some relief for importers and businesses that rely on the official window. But the projected weakness from fuel importers buying dollars, combined with Dangote Refinery’s switch back to Naira sales, could test the currency’s recent gains. For Nigerian consumers, a stronger Naira may help moderate prices of imported goods in the near term, but the outlook remains uncertain.