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    Wednesday, May 27
    FX Market

    Naira Weakens Against US Dollar, Spot Rate Settles at N1,366

    Ogooluwa AremuBy Updated:No Comments2 Mins Read
    Naira Weakens Against US Dollar, Spot Rate Settles at N1,366
    Naira

    Naira Weakens Against US Dollar, Spot Rate Settles at N1,366

    The naira weakened against the US dollar at the official window on Thursday, depreciating by ₦7.77 to close at ₦1,366.05/US$ compared with ₦1,358.28/US$ previously reported by the Central Bank.

    The exchange rate came under slight pressure as requisition for international payments eclipsed dollar volume at the supply side, slightly reversing the recent trend.

    Based on data from the CBN, Fx largely traded within the low and high bands of ₦1,361.80/US$ and ₦1,380.00/US$ respectively, in the absence of currency intervention.

    Broadstreet expects the Naira to continue trading in line with prevailing market demand and supply dynamics, supported by an improving external reserves position.

    Foreign reserves were last reported at US$46.80 billion as of 04 February 2026, representing a significant increase of US$106.24 million on the day.

    The nation’s gross external reserves have maintained an upward trend since the start of the year, supported by inflows from across key sources – including hydrocarbon sales, remittances, and offshore portfolio investors converting dollars to naira for financial market placements.

    Anchoria Securities expects the current level to remain firm in the near term, supported by stronger foreign inflows driven by higher oil receipts, improved FPI participation, and consistent CBN FX management. Seplat, MTN Nigeria Drive NGX Rally, Investors Gain N1.27trn

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    Ogooluwa Aremu is a business journalist at MarketForces Africa covering Nigeria's energy sector, macroeconomic policy, African continental affairs, cryptocurrency markets, and foreign exchange developments.His reporting spans Nigeria's oil and gas regulatory landscape, including coverage of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigeria International Energy Summit, and the downstream deregulation reforms reshaping Nigeria's petroleum sector. He also reports general market, Nigeria's fiscal reforms, World Bank and IMF engagements with Nigeria, and President Tinubu's economic policy initiatives.Ogooluwa covers Africa-wide developments through MarketForces Africa's Inside Africa desk, reporting on the African Union summits, continental economic policy, and cross-border developments affecting investment and trade across Sub-Saharan Africa.His cryptocurrency and forex market coverage tracks major digital assets, including Bitcoin, Ethereum, and Ripple, alongside. Nigeria's interbank FX market movements. He has covered major stories, including the African Union's 39th Ordinary Session in Addis Ababa, Nigeria's N6 trillion fuel import savings from deregulation, and the World Bank's assessment of Nigeria's economic reform programme. Ogooluwa Aremu is based in Lagos, Nigeria.

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