The naira appreciated further against the US dollar on Thursday at the Nigerian Foreign Exchange Market, buoyed by increased dollar inflows and rising external reserves.
At the official market, the local currency gained 10 basis points to close at ₦1,534.00/$1, with trades ranging between ₦1,533.50 and ₦1,535.50 per dollar, according to data from the Central Bank of Nigeria.
The CBN noted that improved supply from foreign portfolio investors buying OMO bills, contributions from exporters, and fresh inflows from international oil companies helped lift dollar liquidity.
Nigeria’s gross external reserves rose to $40.654bn — up by about $70m — reinforcing confidence in exchange rate stability. Analysts expect the naira to hover around current levels in the near term as reserves continue to build.
In global markets, oil prices rose on geopolitical risks and the prospect of a US rate cut, with Brent crude gaining $1.31 to $66.94 per barrel, and WTI climbing $1.34 to $63.99. Gold prices, however, dipped as stronger US inflation data reduced the likelihood of aggressive rate cuts, with spot gold down 0.53% at $3,338.62 per ounce.
