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- The Nigerian currency, the naira, has continued to surge successful the authoritative and parallel overseas speech markets
- On Tuesday, July 1, 2025, the naira further consolidated its gains against the US dollar, appreciating to a caller high
- The existent overseas speech spread betwixt the authoritative and achromatic markets remains astatine N31 arsenic the CBN fights for convergence
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the system for implicit a decade.
The naira consolidated its gains against the US dollar successful the overseas speech marketplace connected Tuesday, July 1, 2025.
The section currency appreciated against the US greenback amid reduced request pressures.
Source: Getty Images
The naira’s gain: What is driving the surge?
At the Nigerian Foreign Exchange Market (NFEM), the naira closed trading astatine N1,537 per dollar, from N1,532 the erstwhile day.
Currently, dollar proviso volumes stay capable to screen forex request successful the authoritative overseas speech market.
The improvement has kept the naira’s speech complaint against the dollar stable, supported by overseas investors’ confidence, exporters’ inflows and the Central Bank of Nigeria’s interventions.
Data from the CBN showed that the naira’s worth appreciated from N1,532 to N1,527 per dollar successful the authoritative FX market.
Transactions ended astatine an intraday debased of N1,521 and a precocious of N1,531, earlier closing astatine N1,527 per dollar.
Official vs achromatic market: Can CBN unify them?
According to the CBN, the NFEM complaint is simply a volume-weighted mean and stands arsenic the authoritative speech complaint for the day.
The naira remained unchanged successful the parallel marketplace astatine N1,565 per dollar.
Consequently, the spread betwixt the authoritative and parallel markets settled astatine N31 arsenic the apex slope inactive seeks FX convergence, naira stability, and liquidity sufficiency.
Oil prices inch precocious slightly
Market Forces Africa reports that successful the planetary commodity market, lipid prices roseate somewhat connected Tuesday, July 1, 2025, arsenic investors considered encouraging request signals portion remaining wary up of the OPEC+ gathering to acceptable August accumulation levels.
Reports accidental Brent Crude accrued by 37 cents oregon 0.6% to settee astatine $67.11 a barrel, portion WTI gained 34 cents to settee astatine $65.45 per barrel.
Gold prices roseate 1 per cent arsenic investors turned to buffer assets pursuing the US Senate’s passing of President Donald Trump’s measure up of the July 9 commercialized tariff deadline.
Source: Getty Images
In the 2nd quarter, concern institution Partian said that commodity terms volatility successful the 2nd 4th was worsened by geopolitical tensions.
The 12-day Middle East warfare betwixt Israel and Iran, caused by strikes connected Iran’s atomic sites successful mid-June, sent lipid prices soaring supra $81 a tube wrong days.
Oil terms summation brings windfall
The terms summation provided a windfall for oil-exporting Sub-Saharan African countries but besides strained lipid importers with higher energy costs.
However, by the extremity of June, Brent Crude had dropped to astir $65 per barrel.
The terms spike dropped arsenic OPEC+ signalled humble accumulation increases and US shale accumulation reached caller highs.
CBN crashes the dollar for importers
Legit.ng earlier reported that the Nigerian currency rallied against the US dollar for 2 consecutive days connected Thursday, June 26 and Friday, 27, 2025, closing the week beardown successful the authoritative window.
The naira appreciated pursuing the involution of the Central Bank of Nigeria successful the overseas speech market.
At the adjacent of trading connected Friday, June 27, the section currency inched higher, closing astatine N1,537.90 against the US greenback from N1,547 per dollar, the erstwhile day.
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Source: Legit.ng
