Naira Falls To ₦1533 As Exchange Rate Gap Hits ₦112

Federation Account Amasses Over ₦5trn In 6months- RMAFC

The naira weakened slightly against the US dollar in the official foreign exchange (FX) market, losing 0.02% to close at ₦1533.63 per dollar. This dip followed a surge in demand for dollars, coupled with reduced interventions by the Central Bank of Nigeria (CBN).

Increased trading activity in the Nigerian Foreign Exchange Market (NFEM) saw exchange rates ranging between ₦1530 and ₦1537 per dollar. Meanwhile, in the parallel market, the naira strengthened slightly, gaining ₦10 to close at ₦1645 per dollar. Commercial banks continued providing access to foreign currency for business transactions, travel, and other payments.

The gap between the official and parallel market rates widened to ₦112 per dollar. This gap has fueled speculative trading as market players respond to ongoing FX reforms. Last week, the naira gained ₦16 in the official market, thanks to CBN’s dollar sales, which temporarily boosted liquidity.

However, these interventions have drained Nigeria’s foreign reserves, which have fallen below $40 billion. Compounding the issue, global oil prices declined by 3%, hitting a two-week low due to a tariff dispute between the US and Colombia and sell-offs in the tech and energy sectors. Brent crude was priced at $76.50 per barrel, and WTI traded at $72.60 per barrel.

Gold prices also fell by over 1% to $2,736.75 per ounce as investors shifted focus to new AI innovations, triggering a broader market sell-off.