Naira Depreciates as Interbank FX Turnover Declines
The naira depreciated against the US dollar to N1,363.8250 at the Nigerian foreign exchange market (NFEM) as interbank FX turnover declined.
The local currency has been relatively stable against hard currencies during the week, with intermittent fluctuation against the dollar, British pound and Euro.
Daily FX data from the Central Bank of Nigeria (CBN) showed that spot FX rate settled at N1363.8250 per dollar, from N1362.0549 the previous day.
Transactions hovered between N1362 and N1365.5000 per dollar during the trading session, a signal that the currency market faced slight liquidity shortage. Interbank FX turnover declined to $70.420 million across 84 deals, from $75.374 million the previous day.
The naira closed at N1572.3227 to the Euro, N1820.5842 to the British pound and N363.1563 to the Japanese Yen on Thursday.
In the parallel market, the naira settled at N1375 per dollar, reflecting subdued activity in the official segment even as mild buying interest supported the local currency in the informal market.
Nigeria’s external reserves maintain an uptrend this week, settling at $50.542 billion on Wednesday, supported by successive FX inflows into the country.
Revenue inflows from hydrocarbon sales continue to support accretion to the nation’s FX reserves, with Broadstreet analysts estimating an external reserves position of $51 billion in 2026.
Oil prices were volatile after the United States and Iran exchanged fire for a second straight day and President Trump threatened further attacks would come that evening, heightening fears that the two countries could slide back into broader conflict.
The United States said it had struck multiple targets across Iran after Mr. Trump vowed to maintain military pressure because negotiations with Iranian leaders over its nuclear program were moving too slowly. Mr. Trump said on his social media site that at “some point in the not too distant future” the United States would “assume total control” of Iranian oil and gas.
Iran said it retaliated with two waves of attacks on targets at U.S. bases in Kuwait and Bahrain, though there was no immediate confirmation of the strikes.
Brent crude, the international benchmark, dropped 0.25% and clocked in at $92.87 per barrel, while West Texas Intermediate, the U.S. benchmark, climbed 0.19% and stood at $90.20 at the same time.
Wema Bank Processed N32trn Transactions Via Digital Channels
