The naira extended its gains against the U.S. dollar this week, breaking through key psychological levels at the official window, as the Central Bank of Nigeria (CBN) and increased foreign exchange inflows from Dangote Refinery supported market liquidity.
Checks by MarketForces Africa revealed that tier-1 banks priced the naira at ₦1,468 per dollar in the interbank market, while it settled at ₦1,484 per dollar at the close of trading. The improvement comes amid rising optimism among investors about the CBN’s interventions and growing oil product exports.
Since June, the Dangote Refinery has exported over 1.1 billion liters of refined crude oil, reducing reliance on imported fuel and easing pressure on FX demand. Analysts believe this development has been pivotal in stabilizing the naira.
The apex bank recently injected more than $38 million into the banking system, bolstering dollar supply and strengthening the currency. Supported by $41.84 billion in gross external reserves, traders expect the naira could test ₦1,450 per dollar in the near term if current liquidity conditions persist.
Meanwhile, global commodity prices shifted upward. Brent crude rose 1.5% to $68.45 per barrel, while U.S. WTI advanced 1.9% to $64.51. Gold prices also surged to a historic high above $3,700 per ounce, fueled by safe-haven demand and expectations of a U.S. Federal Reserve rate cut.
