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    Naira Sees Large Daily Gain as FX Pressure Eases

    Julius AlagbeBy Updated:No Comments1 Min Read
    Naira Sees Large Daily Gain as FX Pressure Eases

    Naira Sees Large Daily Gain as FX Pressure Eases

    The Nigerian naira saw a large daily gain in the official window as foreign currency liquidity challenge eased. According to data from FMDQ Securities, which shows the official exchange rate, the naira appreciated by 9.68%.

    The local currency exchange rate cleared at ₦1,339.33 per US dollar on Monday for eligible transactions conducted via the Nigerian autonomous foreign exchange market.

    However, the parallel market saw the naira weaken by 0.40%, ending at N1,500 per US dollar, as the market anticipates that the Central Bank of Nigeria, CBN, will sell FX to Bureaux de Change operators (BDCs) to strengthen the naira.

    According to data from the FMDQ platform, total daily turnover decreased to $180.80 million on Monday, down from $556.25 million recorded on Friday.

    In the global commodity market, West Texas Intermediate (WTI) crude futures and Brent crude prices were at $78 and $83 per barrel ahead of OPEC+ meeting this week. #Naira Sees Large Daily Gain as FX Pressure Eases

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    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

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