Naira Touches N1,400 per Dollar in Nigerian Currency Market
The naira appreciated sharply against the US dollar at the official window on Tuesday, supported by enhanced liquidity in the forex market.
The official rate touched N1,400 per dollar on Tuesday, for the first time since the FX reforms, signifying reduced pressure and rising investors’ confidence in the local forex market.
The Central Bank of Nigeria (CBN) daily fx report revealed that the naira gained 1.27% to ₦1,401.22/$. According to channel check, the local currency also appreciated by 0.33% to ₦1,476/$ in the parallel market.
The trend reflects improved currency sentiment across both the regulated official segment and the informal foreign exchange market. Elsewhere, oil prices fell on Tuesday as investors weighed the prospects for ample supply in the crude market.
The price of April Brent crude futures fell 0.69% from the previous close to $64.32 per barrel, while March WTI futures fell 0.64% to $60.27. Markets are expecting increased crude supplies following recent news from Kazakhstan’s Tengizchevroil and the US-based Chevron. Equity Analysts Raise Target Price for Guinness Nigeria
