Naira Gains Value Against US Dollar at CBN FX Window
The naira appreciated against the US dollar at the Central Bank of Nigeria (CBN) official trading platform on Friday in the absence of FX scarcity.
The spot fx rate touched an intraday low of N1416.80 per dollar as healthy liquidity in the official market supported international payments without the Apex Bank intervention.
The naira reached an intraday high of N1420.5000 but closed the day strong as exporters’ and importers’ inflows, in addition to non-bank corporate supply, enhanced liquidity.
Daily FX data released by the CBN showed the official rate rose by 0.09% to ₦1,417.95/$. In the parallel market, the naira settled at N1475, reflecting enhanced currency confidence across both the regulated official segment and the informal foreign exchange market.
The oil market fluctuated significantly this week due to geopolitical concerns and the weak U.S. demand outlook, as data showed inventories surge amidst balanced supply and demand projections by OPEC.
Brent crude advanced by +1.62%, closing at $64.51/b from $63.48/b, as the market priced in a renewed geopolitical risk premium and a shift toward tighter supply expectations. A major catalyst this week was the escalation of political unrest in Iran, where widespread anti-government protests triggered a forceful crackdown.
The situation intensified after U.S. President Donald Trump threatened a strong military response should Iran use lethal force against demonstrators, raising fears of a broader regional confrontation.
This dynamic sharply elevated concerns around potential disruptions to Iran’s roughly 2 mbpd worth of exports, as well as risks to key transit routes such as the Strait of Hormuz, through which nearly a fifth of global crude supply passes. MTN Nigeria Rallies to Record High on Renewed Investor Confidence
