Browsing: Naira
The naira mixed on Thursday, slipping against the US dollar (US$) at the Nigeria Foreign Exchange Market (NFEM) as international payments surpassed FX supply.
The naira extends rally against the US dollar, and other crosses at the Nigeria Foreign Exchange Market (NEFM) as data show the country’s external reserves continue to gain momentum.
The naira rose against the US dollar on Tuesday as demand for international payments declined, with data showing a moderate slide in interbank FX turnover.
The naira rallied against crosses in the currency market as proceeds from Nigeria’s hydrocarbon sales continue to boost the country’s foreign reserves.
The Nigerian naira opened the month of May slightly stronger as foreign reserves continue to climb again, following fresh inflows from hydrocarbon sales and offshore investors’ portfolio building.
The naira climbed against the US dollar to 1,373 at the Nigerian Foreign Exchange Market (NFEM) at the close of the trading session on Friday.
The Nigerian naira declined across foreign currency markets due to surging demand for the US dollar, the Euro and the Sterling. Daily FX data released by the Central Bank of Nigeria (CBN) showed that the local currency closed the trading session at ₦1,375.4073 per US dollar, up from ₦ 1,374.9172 the previous day.
The average yield on Nigerian Treasury Bills dipped in the secondary market as investors ramped up their holdings of naira-denominated assets, with optimism about economic growth boosting sentiment.
The naira recorded a market-wide rally as Nigeria’s economy expanded in the first quarter of 2026, according to the statistics office, with FX data showing the dollar retreated on Middle East hope.
The naira slipped against the US dollar as a 6% weekly drop in Bonny Light tightened inflows from hydrocarbon FX receipts, keeping Nigeria’s external reserves balance below $49 billion.