Naira Appreciates by N7.93 at the Official Window
The Naira opened positive at the Nigerian Foreign Exchange Market (NFEM), recording significant day on day appreciation against the US dollar amid improved supply levels.
The Naira strengthened by ₦7.93 per US dollar to close at ₦1,456.56/$, having traded within a range of ₦1,466.00 and ₦1,431.00 per USD during the session.
The gross external reserve halted the three-day decline to increase by $7.90 million to $45.22 billion, pushing the Year-to Date (YTD) gain back to +10.61%.
Global oil prices rose on Monday after the U.S. Coast Guard tried to intercept an oil tanker in international waters near Venezuela a day earlier, and Ukraine damaged two vessels and piers in Russia, raising the risk of oil supply disruptions.
Brent crude rose 3.31%, to $62.04 per barrel, while U.S. West Texas Intermediate (WTI) rose by 167 cents, or 2.44%, to $57.90. Similarly, gold jumped more than 2% to a record high, powered by safe-haven flows as U.S.-Venezuela tensions flared.
Spot gold jumped 2.23% to $4,435.17/oz, while U.S. gold futures followed up with a 1.85% leap to $4,468.55/oz. Analysts expect oil prices to remain supported by supply-side geopolitical risks, while gold stays firm on safe-haven demand and sustained expectations of U.S. interest rate cuts.
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