The Nigerian naira strengthened significantly this week in the foreign exchange market, trading at an intraday low of ₦1,508 per U.S. dollar amid robust supply of foreign currency and subdued demand pressures.
Checks by MarketForces Africa revealed that local banks also revised their naira debit card daily FX quotes for international transactions upward, reflecting the currency’s resilience.
At the official Investors’ and Exporters’ (I&E) window, the naira closed the most recent session at ₦1,514.87 per dollar, down from ₦1,531.57 recorded earlier in the week. Market activity showed steady inflows and balanced demand, reducing the need for direct intervention from the Central Bank of Nigeria (CBN).
Analysts at Anchoria Securities Limited noted that offshore inflows briefly pushed the NAFEX fixing to ₦1,528.13/$ before it eased back to ₦1,527.00/$, with trading spreads remaining tight. Forex traders also pointed to an additional $15 million injection by the CBN and increased portfolio inflows that helped stabilize the market, with the naira holding within the ₦1,508–₦1,529/$ range.
External reserves climbed to $41.499 billion, the highest level since 2021, bolstering market confidence. Analysts project further increases in reserves as Nigeria’s Bonny Light crude continues to command premium pricing on global oil markets.
Meanwhile, global oil prices retreated after weaker U.S. employment data triggered fears of declining demand ahead of the OPEC+ meeting. Brent crude slipped 2.81% to $65.11 per barrel, while U.S. WTI fell 3.06% to $61.54 per barrel. In contrast, gold surged to record highs near $3,600 per ounce as investors shifted towards safe-haven assets, expecting further monetary easing from the U.S. Federal Reserve.
Market analysts believe the naira is likely to maintain its stability in the short term, supported by continuous CBN policy measures, steady inflows from exporters, and growing investor confidence in Nigeria’s external reserve strength.
