Naira Holds at N1343 Per Dollar, Gains Few Pips
The naira traded stable at the Nigerian foreign exchange market (NFEM) on Wednesday, closing the session at N1343 per dollar, according to the Central Bank’s daily FX publication.
The local currency hovered between N1341.99 and N1350 per dollar during the intraday trading session, amid a slowdown in interbank turnover. The official rate gained a few pips, closing at exactly N1343.7409 from N1343.7658 previously quoted in the currency market.
Interbank turnover at the Nigerian foreign exchange market declined to N114.347 million from N141.315 million the previous day, data published by the Apex Bank revealed.
The relative stability of the official spot rate suggests there is no significant demand for foreign payments. The spot FX rate traded with a few pips better than the previous day’s close.
The outlook for the naira remains positive despite a sharp decline in foreign reserves, which now stand below $49 billion. Gross external reserves had crossed $50 billion, the highest level seen since 2009.
The amount reduced as the Central Bank maintained its FX intervention policy to keep the naira within an acceptable range.
In the parallel market, the naira rises to N1370 per dollar, from N1375 in the absence of significant pressures from informal users.
The black market’s importance has greatly diminished – the spread between the official and unofficial rates is now estimated below 8%- with the daily turnover in the Nigerian Foreign Exchange Market (NFEM) up sharply.
The successful introduction of the EFEMS in Nigeria triggered a rare reversal in the naira in the past few months; the trend is anticipated to persist in 2026.
FX reform has considerably alleviated liquidity challenges that have long plagued the Nigerian economy, exacerbated currency volatility, and fueled a parallel market in which exchange rates diverged sharply from the official rate.
The EFEMS, an electronic platform designed to automate the matching of buy and sell orders for FX transactions in Nigeria’s interbank market, is supported by Bloomberg’s BMatch technology.
The platform provides real-time visibility into buy/sell orders, exchange rates, and transaction data, significantly reducing information asymmetry and minimising opportunities for arbitrage or speculation. It also enhances the CBN’s ability to monitor and intervene in the FX market.
Naira is projected to close 2026 at N1300 per dollar. In the global commodity market, oil prices were stable on Wednesday, after falling sharply the previous session as the market grew more optimistic that the Middle East war could lead to a diplomatic resolution.
Oil futures for May delivery closed little changed at $91.29 per barrel. International benchmark Brent for June delivery settled 14 cents higher at $94.93 per barrel.
U.S. crude fell nearly 8% Tuesday on the hope that a second round of U.S.-Iran talks could yield a deal. President Donald Trump said the war is “very close to over” in a Wednesday interview with Fox Business. Trump said the “stock market is going to boom” when the conflict ends.
The president told the New York Post on Tuesday that talks with Iran could take place “over the next two days” in Islamabad, Pakistan. Stanbic IBTC Hits 52-Week High on Sharp Intraday Rally
