Naira Appreciates to N1,535 over Stronger U.S Dollar Supply
The naira appreciated at the Nigerian foreign exchange market (NFEM) due to stronger dollar supply at the official window on Thursday. The local currency touched intraday high of N1538.54, according to update fx data from the Central Bank of Nigeria (CBN), worse than the previous day. However intraday FX rate closed stronger than previous day, suggesting demand tempered or supply increased.
Across the Broadstreet, forex traders confirmed that the naira appreciated 0.10% to close at ₦1,535.47/$, supported by stronger dollar supply and lower FX demand. The local currency was noted to trade between ₦1,535.00/$ and ₦1,538.54/$ amidst sustain surge in the nation’s foreign reserves.
Nigeria’s gross reserves rose to $41.244 billion as of 27 August 2025, up $23.70 million from the previous day. The naira is likely to hold steady as external reserves continue to rise, analysts’ maintained projection amidst fluctuation in prices of crude oil.
Oil prices ended higher on Thursday, reversing early losses after the White House said President Trump was displeased upon learning of overnight Russian missile and drone strikes on Ukraine. Brent crude rose 57 cents, or 0.8%, to settle at $68.62 per barrel, while U.S. West Texas Intermediate gained 45 cents, or 0.7%, to close at $64.60.
Meanwhile, gold prices touched a five-week high, supported by a weaker dollar and safe-haven demand amid lingering concerns over the Federal Reserve’s independence.
Spot gold climbed 0.6% to $3,416.14 per ounce, while U.S. gold futures for December delivery settled at $3,466.10. Outlook: Traders are monitoring India’s response to U.S. pressure to halt Russian oil purchases, after Trump raised tariffs on Indian imports to 50% on Wednesday. #Naira Appreciates to N1,535 over Stronger U.S Dollar Supply Airtel, MTN Network Sharing Deal to Impact Earnings, Telecom Ecosystem
