Naira Strengthens to N1338 per US Dollar, N1560 to Euro
The naira strengthened at the official window, closing at N1338 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Thursday, supported by robust forex liquidity.
The market saw sufficient US dollar volume amid fluctuating interbank FX activity by financial institutions. Foreign portfolio investors, exporters and non-bank corporates remain key drivers of FX inflows, with intermittent support from the Central Bank and others.
The local currency opened at N1446 per dollar and has since gained further value due to significant liquidity in the forex market.
Transactions were executed between N1335 and N1345 at the official window during the day, with total FX turnover printing at $191.694 million, according to data released by the CBN.
Reflecting a slide in market-maker activity, NFEM interbank FX turnover fell 19% from $235.991 million to $191.594 million as the deal count declined to 176 from 213 the previous day.
The naira gained 42 basis points against the British pound to close at N1820.34 at the official window. The exchange rate for the euro appreciated by 0.38% to N1526.12
In contrast, pressure resurfaced in the parallel market as the dollar and euro rose +0.36% (to ₦1,405.00/$) and +0.31% (to ₦1,600.00/€), respectively, AIICO Capital Limited said in a report.
The naira, however, appreciated against the pound by 0.26% to ₦1,900. Nigeria’s gross external reserves expanded by about $185.25 million to reach $53.30 billion, as momentum continues to build around the buffer.
Brent crude traded near $88/bbl on Thursday following three straight sessions of losses.
Prices balanced potential supply relief—as Iran and Oman reached a revenue-sharing deal over the Strait of Hormuz—against lingering shipping uncertainty and escalating Ukrainian strikes on Russian energy infrastructure.
Meanwhile, Saudi Arabia stepped up loadings at Persian Gulf terminals to bypass Red Sea risks. Brent crude is expected to remain volatile amid shifting shipping dynamics in the Middle East and ongoing disruptions to Russian exports.
