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FX Market
The official exchange rate weakened to near N1,351 as the Naira continued to face selloffs, driven by rising demand for international payments, settlements of offshore liabilities, and offshore repatriations.
The naira mixed on Thursday, slipping against the US dollar (US$) at the Nigeria Foreign Exchange Market (NFEM) as international payments surpassed FX supply.
The naira climbed against the US dollar to 1,373 at the Nigerian Foreign Exchange Market (NFEM) at the close of the trading session on Friday.
The dollar index (DXY) hovered near 99.2 as investors assessed the latest developments in the Middle East and mixed signals over a possible US-Iran agreement that could end the war and reopen the Strait of Hormuz.
The South African rand (ZAR) depreciates against crosses such as the US dollar, Euro, and sterling on Thursday ahead of the Reserve Bank’s interest rate policy decision.
The Nigerian naira declined across foreign currency markets due to surging demand for the US dollar, the Euro and the Sterling. Daily FX data released by the Central Bank of Nigeria (CBN) showed that the local currency closed the trading session at ₦1,375.4073 per US dollar, up from ₦ 1,374.9172 the previous day.
The naira recorded a market-wide rally as Nigeria’s economy expanded in the first quarter of 2026, according to the statistics office, with FX data showing the dollar retreated on Middle East hope.