Naira Falls against Dollar as External Reserves Dip Further
The naira slid against the US dollar in the official foreign exchange market, settling at N1545.26 from N1544.62 at the previous close. The local currency has enjoyed some unusual level of stability in the recent weeks, supported by the Apex Bank FX interventions.
Data from the Central Bank of Nigeria (CBN) showed that the dollar was quoted at an intraday low of N151 and a high of N1547.90 per greenback. Analysts at Zedcrest Limited said in a macro update that Nigeria’s foreign exchange landscape is expected to be turbulent through the second half of 2025.
The projection was anchored on weakening oil receipts and persistent pressure on external reserves. Crude is expected to trade between $60 and $65 per barrel, well below the budget benchmark of $75 per barrel. Foreign reserves declined further this week, according to the latest data from the CBN platform, settling at $37.823 billion on Monday.
In the global commodity market, crude oil prices surged over 4% on Tuesday after U.S. President Donald Trump issued a stern demand for Iran’s unconditional surrender and targeted Iran’s supreme leader, Ayatollah Ali Khamenei.
U.S. crude for July delivery rose by $3.07, or 4.28%, to close at $74.84 per barrel, while Brent for August increased by $3.22, or 4.4%, to finish at $76.45. Both benchmarks climbed nearly 5% after settlement. Meanwhile, gold prices held steady as a stronger dollar countered safe-haven demand sparked by escalating Iran-Israel tensions.
Spot gold edged up 0.2% to $3,390.29, while U.S. gold futures declined 0.3% to $3,408.70 per ounce. Blocking the Strait of Hormuz, which handles 20% of global oil, would be Iran’s worst-case response to an Israeli strike, severely disrupting supplies. #Naira Falls against Dollar as External Reserves Dip Further#
