Naira Rises to N1460 as Foreign Reserves Climb to $42.865bn
The naira appreciated against the US dollar at the Nigerian foreign exchange market as the currency market was sufficiently liquid on Thursday.
Updated daily fx data from the Central Bank of Nigeria (CBN) showed that the local currency climbed to N1460, reflecting the absence of pressures from higher demand for dollars.
The spot fx rate reached an intraday high of N1464 per dollar, while the best fx transactions on the day were closed at N1458. The official FX spot rate closed at ₦1,460.49/$ from N1,463.4375.
Meanwhile, Nigeria’s foreign reserves maintained an uptrend as the country planned to seek a higher production quota from OPEC. Nigeria’s current OPEC quota of about 1.5 million barrels per day (mbpd) no longer reflects the country’s true production capacity.
Due to labour unrest, output fell to 1.39 million barrels per day (mbpd) in September, representing a decrease of 44,576 barrels from the 1.43 mbpd recorded in August 2025.
The decline marked the second consecutive month of falling crude output, with production remaining below Nigeria’s OPEC+ quota of 1.5 mbpd.
The gross balance in external reserves edged higher to $42.865 billion on Wednesday from $42.792 billion the previous day. External reserves climbed amidst a fresh rally in the global commodity market.
Today, oil prices soared after the US announced sanctions on Russia’s biggest oil companies, threatening supplies from one of the world’s top producing countries. Brent futures rose $2.91, or 4.7%, to $65.50 a barrel.
The US crude oil grade, West Texas Intermediate, jumped as much as 6.2% to trade above $61 a barrel, heading for the biggest one-day gain since the start of the Israel-Iran conflict on June 13.
The US blacklisted Russian oil giants Rosneft PJSC and Lukoil PJSC in an effort to cut off revenue Russia needs for its war in Ukraine. Senior refinery executives in India — a key buyer of Russian crude—said the restrictions would make it impossible for flows to continue. UK Borrowing Crisis Makes Pension Tax Raid ‘Almost Inevitable’ -deVere
