Naira Gains Against U.S. Dollar, Spot Rate Prints at N1,358
The naira sustained its rally against the US dollar on Wednesday in the official market as supply levels sufficiently covered international payment requisitions at the Central Bank FX window.
The spot rate printed at N1358 per dollar, its multi-period high exchange rate position since the FX reforms, and the channel check showed the exchange rate appreciated at the informal currency segment.
According to the latest reviews, the market now anticipates the local currency exchange rate to appreciate to N1300- N1,350 per dollar in the first quarter of 2026.
The market anchored the prediction on foreign investors converting US dollars to naira for financial market investments, in addition to rising oil revenue and external reserves.
Companies with imports are taking advantage of the successive local currency rally, which has technically reduced the amount of naira needed to settle their foreign obligations.
The Central Bank FX update on Wednesday showed that the naira strengthened by 1.08% to ₦1,358.28/$, driven by substantial US dollar liquidity in the local currency market.
In the parallel market, the naira also agin 0.87% to ₦1,431/$, reflecting improved currency sentiment across both the regulated official segment and the informal foreign exchange market.
“The local currency appreciation has been majorly driven by increased foreign portfolio investment inflow, exporters, and non-bank corporate supply at the official window.
“Also, the nation’s external reserves accretion has enhanced the ability to defend the naira”, analysts said in a chat with MarketForces Africa. $Naira Gains, Spot Rate Prints at N1,358 per Dollar
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