Naira Dips to N1366, FX Turnover, Interbank Deals Rise
The naira dropped against the US dollar at the Nigerian Foreign Exchange market (NFEM) on Tuesday on increased demand for foreign payments.
With sharp FX intervention slowing, the local currency has been fluctuating against the greenback, though Broadstreet maintains a positive exchange rate outlook for the year.
The Apex Bank defended the naira with $150 million in April, 83% below the equivalent amount injected into the official window in March.
The authority took a back seat amid a sustained decline in the nation’s gross external reserves, which fell by about $1 billion to $48.3 billion.
In the official window on Tuesday, the naira settled at N1366.5592 per dollar, the Central Bank said in its daily FX publication from N1365.2474 the previous day,
Further details obtained from the CBN revealed a sharp increase in interbank foreign exchange activity, driving today’s liquidity level in the official window.
Interbank FX turnover surged to $71.587 million across 99 deals, from $59.933 million reported the previous day. Elsewhere, Nigeria’s foreign reserves continue to decline, falling to $48.34 billion amid elevated global oil prices.
Global oil prices fell on Tuesday, a day after the United States launched an operation aimed at reopening the Strait of Hormuz to shipping traffic, but exchanges of fire between the United States and Iran slowed the decline.
Brent crude futures fell by $1.38, or 1.2%, to $113.06 per barrel, after closing up 5.8% on Monday. US West Texas Intermediate crude declined by $2.21, or 2.1%, to $104.26 per barrel, following gains of 4.4% in the previous session. LBIC Posts N1.66bn Profit in 2025, Plans Digital Expansion
