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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 strengthened across both exchange channels on Thursday, appreciating by 0.34% to N1,371.51/$ at the Nigerian foreign exchange market (NFEM) window.
The naira gained sharply at the official window as foreign reserves topped the $50 billion mark for the first time since January 2009, according to updated Central Bank of Nigeria (CBN) data.
The single currency of the European countries (the euro) strengthened against the US dollar on Tuesday as oil prices retreated following U.S. President Donald Trump’s remark that the war in Iran would end soon.
The naira halted its negative trend in the foreign exchange market after data showed the Central Bank of Nigeria (CBN) pumped dollars to influence the direction of the spot rate at the official window.
Nigeria’s gross external reserves surged to approximately $50 billion, marking a significant increase of $4.441 billion from $45.502 billion posted at the end of 2025, according to data from the Central Bank.
The exchange rate gap in Nigeria’s foreign exchange market has collapsed sharply as the spot rate has maintained a downward trend for 14 consecutive trading sessions.