Naira Trades at N1,584 as External Reserves Reach $38.544bn
The naira traded at the N1584 per US dollar at the Nigerian foreign exchange market (NFEM) as additional inflows boost the external reserves. The exchange rate fluctuated between N1,582 and N1,588.50 in the official market.
By the close of trading, the Naira weakened slightly, depreciating by 3 basis points to settle at N1,584.9542 per greenback. The naira closed flat at N1,625 and N1,582.86 in the parallel market and FMDQ FX window, respectively.
Data from the Central Bank showed that the gross balance in the external reserves reached $38.544 billion as inflow continues to pop in amidst uncertainties in the global commodity market. Oil prices declined on Thursday amid investor concerns that global supply may exceed demand following reports that OPEC+ is considering a production hike for July.
Brent crude dropped 66 cents, or 1.02%, to $64.25 per barrel, while U.S. West Texas Intermediate fell 51 cents, or 0.83%, to $61.06 by early afternoon. Meanwhile, gold prices reversed gains as the U.S. dollar strengthened, and investors took profits after prices hit a two week high earlier in the session.
Spot gold slipped 0.6% to $3,295.21 an ounce after climbing earlier to its highest level since May 9 before retreating. #Naira Trades at N1,584 as External Reserves Reach $38.544bn First Holdco Profit Plunges by 18% in Q1-2025
