The naira weakened by 1.13% to close at ₦1,629.94 per US dollar in the official market as foreign portfolio investors (FPIs) ramped up dollar demand, moving funds to safer havens. In contrast, the parallel market saw an uptick, with the naira appreciating to ₦1,630/$1, narrowing the official and black market gap to just 6 kobo.
Analysts attribute the tightening spread to diverging rate movements and sustained demand pressure in the interbank market. In response, the Central Bank of Nigeria (CBN) intervened by injecting $135.45 million into the market at rates between ₦1,500 and ₦1,636 per dollar. The FX pair traded within a range of ₦1,515–₦1,631 during the session.
Nigeria’s external reserves dipped to $38.08 billion due to the apex bank’s aggressive interventions aimed at stabilizing the naira.
Meanwhile, global markets reacted to U.S. President Donald Trump’s decision to raise tariffs on China from 104% to 125%, triggering a 4% drop in crude oil prices. U.S. crude settled at $56.69 per barrel, while Brent fell to $62.84. Gold prices surged to a new high, with spot gold hitting $3,171.49 per ounce, as investors turned to safe-haven assets.
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