Naira Rebounds to N1,372 as Interbank FX Turnover Rises
The Nigerian local currency, naira, climbed against the US dollar at the Nigerian foreign exchange market (NFEM) amid improved hard-currency liquidity.
According to the daily FX update released by the Central Bank, the local unit climbed to N1372.31 per dollar for average transactions conducted in the official window on Thursday, from N1373.3431 the previous day.
The spot rate hovered between an intraday high of N1374 per US dollar and a low of N1370, reflecting reduced pressure from international payment requests on the day.
The CBN reported that NFEM interbank FX liquidity printed at $116.043 million across 105 deals on Thursday, up from $68.020 million the previous day.
In the parallel market, the naira strengthened to N1380 per US dollar, reflecting broad-based buying interest in the local currency across both the official and informal foreign exchange segments.
Oil prices fell on Thursday as investors hope the U.S. and Iran will reach a deal that prevents a resumption of the war in the Middle East.
U.S. crude oil fell nearly 2% to close at $96.35 per barrel. International benchmark Brent crude fell more than 2% to settle at $102.58.
Prices rose more than 3 % earlier in the session, after Reuters reported that Iran’s Supreme Leader Ayatollah Mojtaba Khamenei ordered the country’s enriched uranium to remain in the Islamic Republic.
Khamenei’s position was viewed as potentially complicating talks with the U.S. President Donald Trump has said dismantling Iran’s nuclear program is a central objective of the U.S. war.
Trump said earlier this week that he called off imminent airstrikes on Iran to give diplomacy more time at the request of U.S. Gulf Arab allies. Iran and the U.S. have made little progress toward a deal since they agreed to a fragile ceasefire last month.
Trump threatened Wednesday to resume military action if Iran does not provide “100% good answers” in the negotiations, but said he was willing to wait a couple more days to allow for talks. Nigeria Bonds, T-Bills Yields Ease on Naira Assets Attraction
