Naira Slides Against US$, Nigeria’s FX Reserves Near 2009 High
The naira mixed on Thursday, slipping against the US dollar (US$) at the Nigeria Foreign Exchange Market (NFEM) as international payments surpassed FX supply.
Daily FX data released by the Apex Bank showed that the spot exchange rate declined by 0.11% to ₦1,358.75/ from N1357.27 per dollar the previous day.
The FX spot rate hovered between N1356.7500 and N1361.5000 per dollar during the intraday trading session, with NFEM interbank FX turnover printing at $128.117 million across 121 deals, down from $133.731 million on the previous day.
In the parallel market, the naira climbed to N1370 per dollar, reflecting divergent currency dynamics between the official and informal foreign exchange segments.
A check by MarketForces Africa showed Nigeria’s gross reserves printed near a 2009 high of $50 billion, enhancing Broadstreet analysts’ confidence about the local currency outlook in 2026.
Nigeria’s net foreign exchange reserves increased to $34.80 billion at the end of 2025, the CBN disclosed, exceeding the country’s entire gross reserves in 2023 before the reform.
With a series of recent FX receipts, investment analysts estimated a $40 billion net FX position for the year, a projection anchored in oil windfall gains.
The 2025 improvement in net FX reserves was attributed to several deliberate policy interventions by the CBN, driven by a substantial reduction in FX swap and forward obligations.
The market anticipates gross external reserves to expand significantly due to higher inflows from hydrocarbon sales, driven by elevated oil prices in the global commodity market.
Oil prices dropped about 3% Thursday, on a report that President Donald Trump is reluctant to resume full-scale war with Iran despite recent clashes.
West Texas Intermediate futures declined 3.5% to $92.64 per barrel by 8:30 a.m. ET. Brent futures, the international benchmark, were down more than 3% at $94.78 per barrel.
Trump told his aides that the week-long ceasefire with Iran is holding despite sporadic clashes, unnamed U.S. officials told The Wall Street Journal. The president said he would consider ending the truce if Iran kills American troops, the officials said.
The White House declined to comment on the report when asked by CNBC. A White House official said while Trump “always prefers a diplomatic solution, he has been clear about the consequences if Iran refuses to make a deal.”
The ceasefire appeared on the verge of collapsing earlier this week after Iranian state media said Tehran had cut off talks with the U.S. due to Israel’s military campaign in Lebanon. Iran backs Hezbollah militants in Lebanon who have fired missiles at Israel.
Israel and Lebanon agreed on Wednesday to implement a ceasefire, which could help advance talks between the U.S. and Iran. But it is unclear whether a ceasefire in Lebanon would hold. Hezbollah operates independently from the government in Beirut.
Israeli Prime Minister Benjamin Netanyahu told CNBC on Wednesday that “we have to disarm Hezbollah and we have to demilitarise Lebanon.” Equities Investors Lose N561bn as NGX Extends Bearish Run
