Naira Official Rate Climbs to N1355 on Stronger FX Supply
The Nigerian local currency, the naira, rallied across the currency markets on Thursday, driven by improved FX liquidity. In its daily FX report, the Central Bank reported that the spot FX rate rose by ₦1.49 to N1355.85 against the U.S. Dollar.
The rally was driven by stronger FX supply relative to demand, which, in recent sessions, has been linked to sustained foreign portfolio inflows, improved market liquidity, and continued confidence in the CBN’s FX reforms.
During today’s session, the Naira traded between the ₦1,360.50/$ and ₦1,354.00/$ band before settling at ₦1,355.85/$. However, external reserves declined by $7.73 million, from $48.33 billion to $48.32 billion, as of 6 May 2026.
Global Oil prices turned positive in volatile trade on Thursday after a report said Iran would not allow the U.S. to reopen the Strait of Hormuz with “an unrealistic plan”.
Brent crude price climbed by 35bps, gaining 35 cents and trading at $101.62 per barrel as of 19:00 HRS, while U.S. West Texas Intermediate (WTI) rose 0.87%, trading around $95.91 per barrel.
Conversely, Gold rose on Thursday on optimism over a potential U.S.-Iran peace deal, easing concerns about inflation and prolonged higher interest rates, though gains were capped after a report said Tehran would not allow the reopening of the Strait of Hormuz.
Spot gold price gained 23bps, to trade around $4,710.03/oz, while U.S. gold futures rose 0.48%, hovering around $4,716.84/oz. Outlook: Tomorrow, we expect oil to trade lower but with a cautious bias as Middle East tensions near a potential end.
