Daily FX Update- Naira Exchange Rate Climbs to N1,365
The naira exchange rate climbed to N1365 per dollar at the official market in the absence of significant demand for international payment. The forex market liquidity improved as interbank trading deals spiked, according to data released by the Central Bank.
The naira outlook remains mixed as declining external reserves reduce the Central Bank’s aggressive forex market intervention – gross foreign reserves fell by about $1 billion in April.
FX update showed that the Naira appreciated by ₦9.70 against the Dollar, driven by improved demand for the local currency from both foreign and local participants.
During the session, the Naira ranged between the ₦1,362.00/$ and ₦1,374.50/$ band before settling at ₦1,365.25/$. However, external reserves further declined by $3.35 million, bringing the total to $48.35 billion.
However, external reserves further declined by $3.35 million, to $48.35 billion as of 30-Apr-2026, reflecting the CBN’s continued interventions geared towards maintaining a stable Naira.
Global Oil prices jumped about 5% on Monday and stocks fell as Iran escalated its military campaign, striking a UAE oil port with drones and hitting a South Korean vessel in the Strait of Hormuz.
Brent crude climbed 5.56%, gaining $6.01 and hovering around $114.18 per barrel as at 21:00 HRS, while U.S. West Texas Intermediate (WTI) rose 3.40%, trading around $105.41 per barrel.
Conversely, Gold prices fell 2% on Monday as heightened U.S.-Iran tensions boosted the dollar and reinforced inflation concerns, keeping expectations of higher interest rates alive.
Spot gold price lost 2.10%, to trade around $4,516.96/oz, while U.S. gold futures lost 2.12%, hovering around $4,526.99/oz. Oil Prices Climb, Brent Tops $114 after Iran Attacks UAE
