Nigerian Naira Gains 7% Against Euro Year-to-Date in FX Market
The naira exchange rate to the European single currency, the Euro, extended its year-to-date gain to about 7%, according to data released by the Central Bank of Nigeria (CBN).
The euro reached a new weekly high of $1.1585, slightly above the level seen at the end of the previous week, following the unexpected loss of US jobs in July.
A move above the $11615-30 area improves the technical outlook, but the momentum indicators are stretched, suggesting upside may be limited.
Influenced by increased FX inflows and strong market confidence, the local unit continues to gain momentum against crosses in 2026 with intermittent market support from the Apex Bank.
The local unit rose by 30 basis points, or 0.30%, against the Euro at the Nigerian Foreign Exchange Market (NFEM), to N1571.12, from N1575.15 the previous week, supported by robust FX liquidity at the official window.
The naira-to-euro exchange rate has gained 6.8849% year-to-date, from N1687.2882 quoted at the beginning of 2026, amid global oil disruptions that have put European countries on edge, as well as US tariff pressures.
This positive performance against Western currencies bolstered the local currency’s year-to-date value surge to 7% in the official market, reflecting Nigeria’s trade balance with European countries.
Oil prices increased last week after the United States threatened an indefinite naval blockade of Iran, heightening concerns over potential disruptions to Middle Eastern crude supplies. ▪
With the latest shift in the global commodity market, precious metals were mixed, as gold and silver gained on lower U.S. rate-hike expectations and continued investor demand.
Meanwhile, platinum declined. Among industrial metals, zinc and lead rose slightly, while aluminium and tin fell on weaker demand and profit-taking. US Energy Agency Hikes Crude Price Forecast, Oil Flow Falls 77%
