Naira Dips to N1,380 as NFEM Interbank Turnover Slides
The naira dipped against the US dollar at the Nigerian foreign exchange market (NFEM), with the official rate closing at N1,380, data published by the Central Bank revealed.
In the daily FX publication, the intraday official rates were quoted between N1373 and N1385 per dollar amidst easing turnover. According to the CBN, NFEM interbank turnover dropped to N73.900 million across 87 deals, from N116.217 million.
The dollar liquidity shortage triggered a depreciation of the official rate, which remained within the authority’s acceptable range. With external reserves hovering around $50 billion, FX analysts remained bullish on the local currency outlook.
In the parallel market, the naira closed at ₦1,420 per dollar, reflecting divergent currency dynamics between the official and informal foreign exchange segments.
Oil prices extended gains on Thursday in the wake of US President Donald Trump threatening further heavy strikes on Iran, dampening hopes of de-escalation.
The main US oil contract, West Texas Intermediate, jumped 10.3 per cent to $110.47 per barrel. International benchmark Brent North Sea crude rose 8.2 per cent to $109.40 per barrel.
The US dollar index maintained its gain as markets are increasingly sensitive to geopolitical headlines, with sentiment shifting rapidly between optimism and caution.
While any signs of stability in key oil routes could ease pressure, the current environment remains highly volatile. For now, the balance of risks appears tilted toward further uncertainty, keeping oil elevated and limiting upside in equities.
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