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    Wednesday, May 27
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    Naira Climbs to N1372, Spot Rate Touches N1360 Briefly

    Julius AlagbeBy Updated:No Comments1 Min Read
    Naira Climbs to N1372, Spot Rate Touches N1360 Briefly
    Naira/Dollar

    Naira Climbs to N1372, Spot Rate Touches N1360 Briefly

    The Nigerian local currency, the naira, appreciated against the US dollar at the official window on Tuesday, closing at N1372 following a significant rally.

    Demand for US dollar payments undercut supply.  The official spot exchange rate touched an intraday low of N1360 per dollar, closing the trading session at N1367 in the absence of FX liquidity pressure in the local currency market.

    Some Broadstreet analysts expressed a positive view about the exchange rate outlook, citing rising external reserves and receipts from hydrocarbon sales.

    The US Dollar index has been weakening globally for about 3 to 5 months as the greenback continues to lose its grip amidst sell American trade. The Naira is finally taking advantage of that opening, supported by FX reforms. UBA Group Announces Loknath Mishra as CEO of UBA UK

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    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

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