Naira Skids Versus U.S. Dollar in Nigeria’s FX Market
The Naira depreciated by N1.38 against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on Thursday, closing the session at ₦1,422.07/$, according to daily FX update released by the Central Bank.
The official rate depreciation was driven by surge in US dollar demand for international payments by active participants in the currency market.
Reflecting tight liquidity condition at the CBN window today, the Naira traded within a range of ₦1,423.00 and ₦1,421.00 per US dollar during the session.
The exchange rate stabilized around ₦1,476/$ in the parallel market, indicating differing currency pressures between the regulated official segment and the informal foreign exchange market.
The official data also showed that the nation’s gross external reserve sustained it improvement, up by $16.14 million to previous day’s balance, bringing total reserves to $45.99 trillion.
In the global commodity market, Oil prices fell on Thursday, reversing the previous sessions’ gains, after U.S. President Donald Trump softened threats against Greenland and Iran, and as investors assessed the supply and demand outlook.
Brent crude dropped by 1.63% or $1.06, hovering around $64.02 per barrel, while U.S. West Texas Intermediate (WTI) dipped by 1.80%, to around $59.41.
Similarly, Gold rose on Thursday as ongoing geopolitical tensions lifted safe-haven demand, the U.S. dollar weakened, and expectations of Federal Reserve interest rate cuts later this year offered support.
Spot gold price climbed 94bps to $4,881.95/oz, while U.S. gold futures followed, rose by 116bps to $4,893.44/oz.
Analysts expect gold prices to remain under pressure as easing geopolitical tensions and firmer risk appetite dampen safe-haven demand, while oil prices may see modest support. CBN, Nigeria’s Finest Economists Project Faster GDP Growth for 2026
