Naira Pops, Spot Rate Climbs to N1357 Per U.S Dollar
The naira rebounded in the Nigerian Foreign Exchange Market (NFEM), appreciating by a significant 67 basis points (bps) against the U.S. Dollar.
The official spot rate gained ₦9.22 against the U.S. Dollar, driven by stronger demand for the local currency by foreign and local participants, amid the CBN’s continued interventions.
During the session, the Naira ranged between the ₦1,365.00/$ and ₦1,350.00/$ band before settling at ₦1,357.34/$. However, external reserves recorded a decline of $8.72 million from the $48.34 billion to $48.33 billion as of 5 May 2026,
Global oil prices fell sharply to two-week lows on Wednesday as optimism grew about a possible end to the war in the Middle East, with reports that the United States and Iran were nearing an initial peace deal.
Brent crude dropped 7.26%, losing $7.98 and hovering around $101.89 per barrel, while U.S. West Texas Intermediate (WTI) fell 7.03%, trading around $95.08 per barrel.
Conversely, Gold prices hit their highest in more than a week on Wednesday following reports that the U.S. and Iran may be nearing a peace deal, cooling fears of higher inflation and an extended period of elevated interest rates.
Spot gold price gained 2.11%, to trade around $4,691.05/oz, while U.S. gold futures lost 2.95%, hovering around $4,703.10/oz. The market expects oil to trade lower but with a cautious bias as Middle East tensions near a potential end.
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