The naira depreciated slightly against the dollar at the Nigerian Foreign Exchange Market (NFEM), dropping by 38 kobo to close at ₦1,535.61 per dollar, amid moderate pressure from corporate FX demand.
According to the Central Bank of Nigeria (CBN), the naira traded within a narrow range of ₦1,530.00 to ₦1,537.00, signaling relative market stability despite an uptick in demand. Analysts noted that daily intraday movement has remained limited, reflecting growing confidence in the FX market’s liquidity.
At the parallel market, the naira also settled at ₦1,535 per dollar, narrowing the gap between official and unofficial exchange rates. Analysts predict the exchange rate will remain between ₦1,500 and ₦1,600 through 2025, provided the CBN sustains its FX intervention strategy and avoids external economic shocks.
Nigeria’s foreign reserves rose to $38.37 billion, with a daily increase of $121.12 million, providing the CBN with a stronger buffer to manage currency stability.
Globally, oil and gold prices continued to dip. Brent crude fell to $68.44 per barrel and gold slipped over 1%, as markets reacted to the U.S.-Japan tariff deal ahead of upcoming EU-U.S. trade talks.
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