Close Menu
    Subscribe
    Thursday, May 28
    FX Market

    Naira Climbs to N1463/$ as FX Reserves Reach $42.792bn

    Julius AlagbeBy Updated:No Comments1 Min Read
    Naira Climbs to N1463$ as FX Reserves Reach $42.792bn

    Naira Climbs to N1463/$ as FX Reserves Reach $42.792bn

    The Nigerian local currency, the naira, appreciated against the dominant US dollar at the official FX market, trading at N1463 per greenback on Tuesday amidst growing external reserves.

    The local currency touched an intraday high of N1466 per dollar at the official market, reflecting a significant improvement from N1470 the previous day.

    The Central Bank of Nigeria (CBN) daily FX update showed that the spot rate closed at N1463.4520 in the absence of significant demand for US dollars.

    Exporters and inflows from international oil companies helped strengthen the supply side, while foreign portfolio investors sustained demand for the local currency reduced exchange rate stress.

    Nigeria’s external reserves surge further, reaching $42.792 billion from $42.695 billion, supported by inflows from FX receipts from hydrocarbon sales and remittances.

    The market anticipates the naira to continue to hover around N1470, while some investment banking firms stepped up expectation, projecting N1400 per dollar for 2025. #Naira Climbs to N1463/$ as FX Reserves Reach $42.792bn Industrial Court Hears N100m Suit against Guinness Nigeria

    Share.

    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.

    Related Posts

    Add A Comment

    Comments are closed.