The official NAFEM market saw a 0.02% increase in the value of the naira relative to the US dollar, resulting in a closing value of ₦1,483.62 per US dollar. Demand steadied, and the naira finished at N1,465 per US dollar at the parallel market.
On the international commodities market, U.S. West Texas Intermediate crude futures rose 1.15% to $76.39 a barrel, while Brent crude futures rose 0.95% to $80.38 a barrel. Despite expectations that the World Bank would provide more than N2 billion in funding support this month, Nigeria’s gross foreign reserves remained comparatively constant.
Elsewhere, Nigeria’s foreign trade statistics report revealed a substantial trade surplus of N6.52 trillion, primarily driven by significant export growth in the fourth quarter of fiscal year 2024. According to data from the National Bureau of Statistics, total exports reached N19.17 trillion, representing a 51 percent increase from Q4 2023.
In the first three months of the year, France, Spain, the Netherlands, India, and the United States were Nigeria’s top export destinations, according to the report. On the other hand, imports surged to N12.64 trillion, with China as the largest import partner, followed by India, the United States, Belgium, and the Netherlands.
This marks a dramatic recovery from the N1.41 trillion trade deficit in Q4 2023 and the N927.2 billion deficit in Q1 2023. The trade surplus for Q1 2024 is the highest on record, surpassing the previous high of N5.74 trillion in Q4 2011. The report from the National Bureau of Statistics (NBS) attributes this to a robust increase in exports and the impact of exchange rate depreciation.
According to the NBS, total exports for Q1 2024 were valued at N19.17 trillion, a 51.00 percent increase from the previous quarter’s N12.69 trillion and a 195.47 percent rise from N6.49 trillion in Q1 2023.
