Daily FX Update: Naira Quoted at N1348 Per US Dollar
The naira was quoted at N1348 per dollar at the official window, reflecting a moderate gain from N1350 previously quoted for international payments.
The spot FX rate hovered between an intraday low of N1340 and a high of N1350.45 per dollar, reflecting an improved dollar liquidity at the Nigerian Foreign Exchange Market (NFEM).
The Daily FX publication released by the Apex Bank indicated that NFEM interbank liquidity decreased to N66.084 million across 87 deals – a signal that FX payment requests eased on Wednesday – from N91.866 million across 106 deals the previous day.
In the parallel market, the naira was sold at N1395 per dollar, up from N1400 the previous day, amid sustained FX injections by the authorities into the currency markets.
Global oil prices fell and rose again on Wednesday after US President Donald Trump said he would extend a ceasefire with Iran until peace talks between the two countries have progressed.
He added that the US will continue to blockade Iran’s ports until Tehran presents a “unified proposal”. After opening higher in Asia, the global benchmark wholesale oil price dipped to $97.60 a barrel.
But the price rose again as reports of ships being attacked in the Strait of Hormuz emerged, with the price briefly hitting $100 a barrel before falling back slightly.
Energy markets have been volatile since the US and Israel attacked Iran on 28 February and Tehran responded with threats to target vessels in the key Strait of Hormuz waterway.
The initial two-week ceasefire had been due to expire on Wednesday evening Washington time. Trump did not give a new deadline for the ceasefire extension.
Trump said on Truth Social that the Iranian government has been “seriously fractured” and that the US will hold off from launching new attacks after Pakistan called for more time for Tehran to agree a deal.
Vice President JD Vance, who is leading the US negotiations, was expected to fly to Islamabad, Pakistan, for talks on Tuesday. The White House has now said he will not be going.
