Naira Slips by N3.32 Against Dollar at NAFEM

The Naira weakened against the US Dollar by N3.32 or 0.24 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, July 28, closing at N1,365.53/$1 compared with the previous day’s N1,362.21/$1.

Naira Falls Against Pound and Euro, Steady on Parallel Market

In the official market, the local currency also lost ground against the Pound Sterling, dropping by N2.38 to close at N1,816.43/£1 from Monday’s N1,814.05/£1. Against the Euro, it shed N2.69 to trade at N1,552.88/€1, down from the preceding session’s N1,550.19/€1.

However, the Naira appreciated at the GTbank FX desk by N2 during the session to sell for N1,370/$1 compared with the previous day’s N1,372/$1. At the parallel market, the currency remained unchanged at N1,400/$1.

External Reserves Fall, FX Turnover Surges

The country’s external reserves declined after the Central Bank of Nigeria (CBN) injected FX into the currency market last week. Interbank FX turnover rose sharply to $102.954 million on Tuesday, reflecting a 160 per cent surge from $39.587 million recorded during the previous trading session. Driving this volume, the apex bank reported that the number of FX deals at the interbank market advanced to 121 from 55.

Crypto Markets Mostly Up Ahead of Fed Decision

In the cryptocurrency market, coins were largely insulated despite recent tech stock routs, suggesting its tight correlation with AI-linked equities may be weakening. Regulatory uncertainty and upcoming Federal Reserve and economic data loom over markets. The US Federal Reserve rate decision is due on Wednesday, with most observers expecting the bank to keep rates unchanged, while some expect a hike in borrowing costs.

Cardano (ADA) appreciated by 4.5 per cent to $0.1639. Ripple (XRP) grew by 2.6 per cent to $1.08. Ethereum (ETH) rose by 1.7 per cent to $1,917.05. Bitcoin (BTC) got a 1.4 per cent lift to sell at $64,374.04. Binance Coin (BNB) expanded by 0.9 per cent to $570.27. Solana (SOL) improved by 0.8 per cent to $73.93. Dogecoin (DOGE) climbed by 0.6 per cent to $0.0707. TRON (TRX) advanced by 0.3 per cent to $0.3255. The US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.

For Nigerian businesses and consumers, the latest Naira slide at NAFEM signals continued pressure on the official exchange rate despite CBN intervention. The sharp rise in FX turnover suggests increased market activity, but the drop in external reserves may constrain the central bank’s ability to defend the currency in the near term.