Naira Climbs to N1,419 Per Dollar as Foreign Reserves Surge
The naira rose against the US dollar at the official window on Tuesday, settling at N1,419.66 per dollar, according to forex market data released by the Central Bank of Nigeria (CBN).
In the absence of liquidity pressures, the spot fx rate traded between N1,418 and N1,424 per dollar at the Nigeria foreign exchange market, the CBN reported.
FX liquidity was bolstered by $50 million sold to banks and other authorised dealers on Friday, with data showing that aggregate FX inflows on the decline.
In the parallel market, the naira appreciated to ₦1,480/$, reflecting divergent currency dynamics between the regulated official segment and the informal foreign exchange market.
Nigeria’s foreign reserves climbed further, settling at $45.738 billion at the beginning of the week due to additional inflows from across sources.
Gross external reserves maintained an uptrend amidst uncertainties in the global commodities market, causing crude oil price fluctuations.
The heightened supply risks pushed Brent above $64 per dollar on Tuesday, and U.S WTI edged higher to $59 per barrel. Naira Climbs to N1,419 Per Dollar as Foreign Reserves Surge
