Naira Surges to N1359 on Improved NFEM FX Liquidity
The naira recorded another sharp gain on Thursday, as the Central Bank of Nigeria’s (CBN) latest daily FX publication showed increased interbank liquidity.
The official exchange rate at the Nigerian Foreign Exchange Market (NFEM) strengthened to N1,359.3156 per US dollar, reflecting robust forex liquidity and the absence of pressure from international payments.
During the intraday trading session, spot FX rates were quoted between N1351.5000 and N1365, a significant improvement compared with the previously quoted N1363 and N1388.
The CBN data showed that Interbank turnover increased to N71.156 million across 115 deals, suggesting that banks’ customers’ demand for foreign payments eased slightly on the day.
In the parallel market, the naira rose to N1380 per dollar, reflecting broad-based buying interest in the local currency across both the official and informal foreign exchange segments.
Meanwhile, Nigeria’s foreign reserves decline further, with the total gross balance settling at $48.89 billion. The gross external reserves had surpassed $50 billion, its highest since 2009.
Global Oil prices pared gains to rise about 1% on Thursday after Israel said it would start direct negotiations with Lebanon as soon as possible.
Brent crude rose by 2.36%, gaining $12.51 and hovering around $96.99 per barrel, while U.S. West Texas Intermediate (WTI) spiked by 5.02% to trade around $99.15 per barrel.
Similarly, Gold prices gained over 1% on Thursday as a weaker U.S. dollar lent support, while investors assessed the durability of a fragile ceasefire between Washington and Tehran and awaited U.S. Consumer Price Index data.
Spot gold price gained 1.23%, to trade around $4,773.51/oz, while U.S. gold futures rose by 0.37%, hovering around $4,794.84/oz. Oil Prices Edge Higher as Ships Stuck in Waterway
