Naira Falls as FX Intervention Fails to Ease Market Pressure
The Nigerian naira fell at the Nigerian foreign exchange market, crossing an intraday high of N1462, suggesting mounting pressures from increased demand for US dollar payments.
At the official window, the Central Bank reported that the naira fell by 0.16% to ₦1,457.84 per dollar, from N1455.49 the previous day. The Apex Bank supply, exporters, foreign portfolio investors and non-bank corporate inflows remained insufficient to redirect the exchange rate.
The official rate touched an intraday high of N1462.9000 per dollar, the highest quote in December, suggesting pressure has refused to abate. Intraday spot FX rate was quoted at N1456, the worst in the last two weeks, according to data obtained from the Nigerian forex market.
The monetary authority is still conducting FX intervention sales, which have significantly reduced but not remove pressure from the naira. The naira outlook remains stable, though the local currency has continued to give up early gain.
In the parallel market, the naira dropped by 0.20% to ₦1,474 per dollar, reflecting intensified currency pressures across both the regulated official segment and the informal foreign exchange market.
Oil prices rallied more than 1% after U.S. President Donald Trump ordered what he called a complete blockade of all sanctioned oil tankers entering and leaving Venezuela, raising global political tensions and easing concerns about a growing surplus of global crude.
Brent crude rose $1.17, or 1.99%, to $59.84 per barrel, while U.S. West Texas Intermediate (WTI) gained 97 cents, or 1.76%, to $56.1.
In contrast, Gold rose made its biggest jump since the 1979 oil crisis in 2025, with prices doubling in the last two years – a performance which might previously have meant forecasts of a big correction. Spot gold rose by 0.79% to $4,337.85/oz, while U.S. gold futures inched up by 0.88% to $4,370.50/oz.
The market expects a bullish commodity tone tomorrow, with gold likely to continue firming on strong forecasts for further gains into 2026 and oil poised to remain supported by heightened geopolitical risk following the U.S. order to blockade sanctioned Venezuelan oil tankers. NCAA Okays Return of Commercial Flights At Ibadan Airport
