The Nigerian naira appreciated against the US dollar across various forex platforms, driven by improved foreign currency liquidity in the Nigerian autonomous foreign exchange market......Read The Full Article>>.....Read The Full Article>>
In the official market, the naira strengthened by 0.84%, closing at N1,532 per US dollar, according to spot data from the FMDQ platform. Enhanced liquidity in the Nigerian autonomous forex market facilitated currency trading within the range of N1,515 to N1,550.00, as reported by AIICO Capital Limited.
Similarly, the Electronic Foreign Exchange Matching System (EFEMS) recorded a 0.1% appreciation in the naira, which traded at N1,547.46 per US dollar on Thursday. In the parallel market, the naira gained N65 in value, with operators selling dollars at N1,635 per US dollar.
The Central Bank of Nigeria (CBN) intervened midweek by selling $28.5 million to authorized dealer banks at auction rates between N1,500 and N1,549 per dollar to support the naira. Meanwhile, Nigeria’s gross external reserves increased to $40.424 billion, fueled by sustained inflows such as remittances and other foreign earnings.
Global Market Updates
Oil prices declined as expectations of adequate supply offset optimism about a potential US interest rate cut. Brent crude settled at approximately $72.65 per barrel, while West Texas Intermediate (WTI) was priced at about $69.30. Additionally, gold prices fell over 1% as investors took profits after a brief surge to a five-week high and adjusted their positions ahead of the Federal Reserve’s upcoming meeting.
