Nigerian Naira Firms Up Against USD, EUR, GBP – NFEM FX Turnover Dips
The Nigerian naira is trading strongly on Thursday, with the FX rate opening the day at N1,369.6346 per US dollar, according to data from the Central Bank of Nigeria (CBN).
The local unit strengthened on improved macroeconomic indicators and robust economic projections as the market continues to adjust to key reforms implemented channels towards stability.
Daily FX data from the CBN showed that the naira is quoted against the Euro (EUR) at N1562.4564 during the opening trading session, while the CBN spot rate for the British pound (GBP) is N1832.4497.
Reflecting improved FX liquidity at the official window, the naira has gained N10.5483 against the US dollar since the beginning of the week.
The CBN data showed that total FX turnover at the Nigerian foreign exchange market declined by more than 24% on the day to $1.163 billion on Wednesday, from $1.532 billion.
Meanwhile, the number of deals cut across the window by a slew of financial institutions in the country acting as market makers surged to 417 from 313 reported the previous day.
Broadstreet FX traders maintained a bullish outlook for the local currency as the global energy crisis is expected to boost hydrocarbon export receipts amidst growing external reserves.
Oil production increased for the fourth consecutive month in June, as data from the Nigerian Upstream Petroleum Regulation Commission showed that the total oil production increased to 1.70 million barrels per day (mbpd).
In addition, crude oil production alone improved by 2.81% to 1.53mbpd in June, exceeding OPEC quota for the first time in ten months – supported by increased operational stability and improved security within key producing assets, including Bonny and Forcados terminals.
With positive projections for 2026, foreign reserves topped $52 billion on sustained FX inflows from across sources, including foreign investors seeking to park hot monies in Nigeria’s financial markets.
