As July drew to a close, the Naira held steady at ₦1,540 to the US Dollar in the parallel market, refusing to budge in the face of global uncertainty.
But in the official market, it quietly gained ground—rising by 80 Kobo to settle at ₦1,533.69/$1.
The currency’s resilience didn’t stop there; it also strengthened against the Pound and the Euro, marking a modest but hopeful close to the month.
Naira Rises Against Pound And Euro
Meanwhile, traders boosted the Naira’s value against the Pound Sterling in the same market segment.
They drove the exchange rate to ₦2,025.52/£1, up ₦13.71 from ₦2,039.23/£1 at midweek.
Likewise, they strengthened the Naira against the Euro by ₦9.08, pushing the rate to ₦1,751.63/€1 from the previous day’s ₦1,760.71/€1.
Analysts Predict Stability
Looking ahead, analysts expect the Naira to remain within this range through the rest of the year.
They argue that ongoing reforms and improving macroeconomic indicators outweigh both global uncertainties and domestic hurdles.
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Moreover, Dollar inflows from exporters, foreign portfolio investors, and oil companies—who continue to meet local obligations—help support the foreign exchange market.
Crypto Dips On Tariff Shock
Meanwhile, in the digital asset space,
traders reacted to renewed trade tensions from US President Donald Trump by locking in profits.
His Thursday announcement of new tariffs triggered a fresh wave of market uncertainty.
As a result, crypto investors pulled out roughly $8 billion in July, with major Bitcoin holders—often called “whales”—selling off near recent peaks.
Consequently, Dogecoin (DOGE) plunged 8.0% to $0.2060.
Cardano (ADA) followed suit, falling 7.3% to $0.7258, while Solana (SOL) dropped 6.5% to $169.55.
Ripple (XRP) slipped 5.9% to $2.96, and Litecoin (LTC) declined 5.4% to $105.12.
Similarly, Ethereum (ETH) dipped 5.3% to $3,664.80, and Binance Coin (BNB) tumbled 3.4% to $775.91.
Even Bitcoin (BTC) slid 0.4% to $115,135.34.
In contrast, stablecoin investors kept their holdings unchanged.
Both US Dollar Tether (USDT) and US Dollar Coin (USDC) traded steadily at $1.00.
