The naira traded steadied against the US dollar as data showed that Nigeria’s gross balance in the nation’s external reserves reached $41.422 billion on September 1, updated FX data from the Central Bank (CBN) revealed.
At the Nigerian foreign exchange market (NFEM), the official spot FX rate held steady, with the naira trading between ₦1,523.0/$ and ₦1,528.50/$ during the day.
The local currency appreciated, closing at ₦1,526.0565/$ from N1526.0940 the previous day. The naira is expected to continue to trade within CBN acceptable range as the authority continues to make FX intervention in case of any market dislocation.
Updated recorded showed that the CBN’s gross reserves rose to $41.42 billion as of 1 September 2025, up $154.39 million from the previous day. Oil prices climbed more than 1% on Tuesday after the U.S. imposed new sanctions aimed at curbing Iran’s oil revenues, with traders also looking ahead to Sunday’s OPEC+ meeting, where output cuts are expected to remain in place.
Brent crude gained 99 cents, or 1.45%, to settle at $69.14 per barrel, while U.S. West Texas Intermediate jumped $1.58, or 2.47%, to $65.59, after skipping settlement on Monday due to the Labor Day holiday.
Meanwhile, gold surged past $3,500 per ounce to a record high, fueled by expectations of a Fed rate cut and ongoing geopolitical risks. Spot gold rose 1.5% to $3,529.01, while December futures settled 2.2% higher at $3,592.20.
Investors are focused on the September 7 OPEC+ meeting, where eight members including Saudi Arabia and Russia, are expected to maintain their voluntary production cuts. These measures have helped stabilize oil prices near $60 per barrel, and we do not anticipate an unwind of the current supply constraints.
