The naira appreciated against the United States dollar on Monday in the official foreign exchange market, supported by stronger FX inflows and reduced international payment pressures. Data from the Nigerian Foreign Exchange Market (NFEM) indicated that the local currency closed at ₦1,347 per dollar, reflecting a gain of ₦7.64 compared to the previous close of ₦1,355.41.
Trading activity showed the currency fluctuating within an intraday band of ₦1,342.50 to ₦1,353.00, underscoring relatively stable market conditions.
Parallel Market and Reserve Position
The positive momentum extended to the parallel market, where the spot rate appreciated by 0.72 percent to ₦1,383 per dollar, reflecting broader improvement in market sentiment. Nigeria’s external reserve position also strengthened, with gross reserves rising by $135.76 million day-on-day to $47.81 billion.
Market participants attribute the currency’s stability to improved dollar liquidity conditions, particularly inflows linked to foreign portfolio investment activity.
Global Commodities Outlook
Meanwhile, international oil prices edged higher as investors evaluated potential outcomes of upcoming U.S.–Iran diplomatic discussions amid expectations of possible OPEC+ production adjustments.
Brent crude advanced approximately 140 basis points to trade near $68.70 per barrel, while U.S. West Texas Intermediate rose 146 basis points to around $63.81 per barrel.
Gold prices, however, softened slightly as improving risk appetite reduced demand for safe-haven assets. Spot gold declined 49 basis points to $4,995.68 per ounce, while U.S. gold futures eased 45 basis points to about $5,016.31 per ounce.
Analysts project that oil markets may remain cautiously optimistic ahead of geopolitical developments, while gold could sustain downward pressure barring fresh global tensions.
