The naira weakened slightly against the US dollar on Monday at the Central Bank of Nigeria’s (CBN) official window, pressured by increased foreign exchange demand from corporates. Despite the slip, market liquidity remained adequate, keeping the exchange rate relatively stable overall.
According to analysts’ FX updates, the USD/NGN pair traded within a narrow band of ₦1,545.00 to ₦1,551.00. At the close of trading, the naira depreciated by 7 basis points to settle at ₦1,548.52/$.
Meanwhile, Nigeria’s gross external reserves declined further, printing at $37.663 billion as of Friday, according to CBN data. Analysts attributed the drop to continued FX interventions by the apex bank. They anticipate the naira will stay within its current trading range, barring any unexpected shocks.
Oil Prices Slide on Middle East Tensions
Global oil markets saw a sharp decline as geopolitical tensions flared in the Middle East. Brent crude futures fell by $4.90, or 6.3%, to $72.19 per barrel, while U.S. West Texas Intermediate (WTI) dropped $4.60, or 6.2%, to $69.23.
The plunge followed Iran’s missile strike on a U.S. military base in Qatar, a retaliatory move after reported U.S. attacks on Iranian nuclear facilities. However, Iran did not obstruct oil and gas tankers in the Strait of Hormuz—a key global shipping route—helping to prevent widespread panic.
Though oil infrastructure remains intact, market watchers say price pressures could persist if the conflict escalates. In response to the uncertainty, investors shifted toward safe-haven assets. Spot gold rose 0.4% to $3,382.42 per ounce as risk-averse sentiment gained ground.
 official window, pressured by....){kind=link}