Naira Closed at N1366 after FX Market Interventions
The naira gained on Friday, closing at N1366 per dollar at the official market on Friday from N1371, following the latest round of FX market interventions.
The Apex Bank continues its forex market interventions operations this week, selling dollars to banks to keep the supply strong after a $500 million boost last week.
The official rate soared successively after the Central Bank sold dollars to banks, supported by FX inflows from exporters, foreign investors and non-bank corporates.
Data from the CBN showed the official rate ranged from an intraday low of N362 to a high of N1374 per dollar today, in the absence of significant pressures.
In the parallel market, the exchange rate closed at ₦1,386 per dollar, reflecting improved currency sentiment across both the regulated official segment and the informal foreign exchange market.
The latest report from the National Bureau of Statistics shows that Nigeria’s total merchandise trade grew by 10.5% year-on-year to N152.47 trillion in 2025, up from N138.03 trillion recorded in 2024.
The increase was driven mainly by export earnings, which rose 9.92% to N85.13 trillion, while imports climbed 11.15% to N67.35 trillion over the same period.
As a result, Nigeria recorded a trade surplus of N17.78 trillion, slightly higher than the N16.85 trillion recorded a year earlier. Analysts said a favourable trade position is positive for the exchange rate outlook.
In the global commodity market, oil prices increased week on week, with Brent trading near $100 per barrel, while US WTI traded above $90 as shipping channels remained closed.
Oil prices are likely to continue rising, Iran’s foreign minister said Friday, putting the blame for this development on the US and Israel.
“Considering the policies of the United States and Israel in the region, prices are likely to continue rising in the future,” Abbas Araghchi told Anadolu while attending the pro-Palestinian Quds Day march in the capital Tehran.
The Iranian people are in the streets “in the millions” despite the US-Israeli attacks, he said. “Not only in Tehran but in all cities, the Islamic Republic of Iran has demonstrated its determination to support Jerusalem, Palestine, and all the ideals we have defended for years.
“Hopefully, we will continue with this strength and determination, and our enemies will have to recognise the strength of the Iranian people,” he added.
Since Israel and the US launched joint attacks on Iran on Feb. 28, killing some 1,300 people, including then-Supreme Leader Ayatollah Ali Khamenei, hostilities have escalated.
Iran has retaliated with drone and missile strikes targeting Israel, Jordan, Iraq, and Gulf countries hosting US military assets. Iran has effectively closed the critical Strait of Hormuz since around March 1. Zenith Bank Sees Gain on Huge Trading Volume
