The naira strengthened against the US dollar in the Nigerian autonomous foreign exchange market (NAFEM) ahead of the introduction of Bloomberg’s BMatch FX trading platform. According to FMDQ data, the naira appreciated by 0.97%, closing at ₦1,659.44 per dollar in the official market.
Traders observed exchange rate fluctuations between ₦1,661 and ₦1,705 before settling at ₦1,659.44. In preparation for the platform’s implementation, the CBN directed authorized deposit money banks to acquire the necessary technology and resources to integrate with the Bloomberg BMatch system.
The Bloomberg BMatch platform, set to go live on December 2, will serve as the electronic foreign exchange matching system (EFEMS) for FX trading activities. The CBN anticipates that this platform will enhance transparency, improve governance, and boost operational efficiency in currency trading, ultimately leading to better price discovery and market efficiency.
Despite these developments, the CBN raised concerns about persistent exchange rate pressures fueled by rising demand for US dollars. However, Nigeria’s gross external reserves remained stable at over $40.257 billion, slightly below last week’s peak of $40.291 billion.
Global Commodities Market Update
In the commodities market, oil prices declined as traders awaited the outcome of OPEC+ discussions on production levels and assessed the potential impact of proposed US trade tariffs on Mexico and Canada. Brent crude dropped to $72.28 per barrel, while West Texas Intermediate (WTI) fell to $68.23 per barrel.
Meanwhile, gold prices slipped to a one-week low of approximately $2,626.82 per ounce. The decline was attributed to reduced safe-haven demand, driven by optimism surrounding a potential ceasefire between Israel and Hezbollah.
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