Naira Drops at Official Window Despite FX Intervention
The naira depreciated against the US dollar at the official window despite latest FX sales by the Central Bank to strengthen currency market aggregate supply.
According to data from the central bank, the Naira weakened by ₦3.17 per US dollar to close at ₦1,445.68/$, having traded within a range of ₦1,447.00 and ₦1,443.00 per USD during the session.
The Apex Bank sold dollar to banks again in an unending intervention to stabilise the exchange rate. The authority sold $50 million to intervene in the forex market.
Broadstreet anchored year end expectation on the authority stance to keep boosting fx supply at the Nigerian foreign exchange market.
The External Reserve was noted at $45.45 billion, reflecting a $177.99 million day-on-day change and pushing the Year-to-Date (YTD) gain up to +11.19%.
Global Oil prices were steady on Tuesday as investors weighed dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen.
Brent crude rose slightly by 48 cents or 0.78%, to $61.97 per barrel, while U.S. West Texas Intermediate (WTI) declined marginally by 4 cents or 0.07%, to $58.04.
Conversely, Precious metals rebounded, after falling sharply in the previous session, as the market refocused on geopolitical and economic risks, reigniting gold’s rally to cap its best year since 1979..
Spot gold rose 0.83% to $4,368.25/oz, while U.S. gold futures followed up with 0.94% to $4,384.55/oz. Analysts expect continued volatility in oil prices amid geopolitical tensions while precious metals may see further profit-taking pressure following recent record runs Global Credit Resilience to Face Major Tests in 2026 – Fitch
