In the foreign currency market, the Nigerian naira marginally appreciated vs the US dollar as the pressure on FX liquidity lessened. The amount of US dollar liquidity available at the window is outweighed by eligible foreign currency demand on the Nigerian independent foreign exchange market.
The official NAFEM market saw a 0.48% increase in the value of the Naira against the US dollar, with the currency closing at N1,481.49 per US dollar, according to data from the FMDQ. The Naira appreciated by 0.54% on the parallel market, closing the day at an average of N1,486 per US dollar.
AfreximBank, the African Export-Import Bank, has said that it has received US$925 million in new funding from a group of lenders who purchase crude oil offtaker shares.
The off takers lenders include, but are not limited to, the Oando Group and Sahara Energy Resource Limited as part of the syndicated US$3.3 billion crude oil-backed prepayment facility sponsored by Nigerian National Petroleum Company (NNPC) Limited.
According to a statement from the Bank, this brings the total current funded facility size to US$ 3.175 billion. Data from the Central Bank showed that gross external reserves climbed to $32.775 billion during the week amidst pressure in the global commodity market.
Despite the extension of the Opec+ supplier cut, the price of oil has dropped below $80 per barrel. However, oil prices rose on Thursday as the European Central Bank cut interest rates for the first time in roughly five years.
Brent crude futures increased by 0.47% to $78.78 a barrel, while U.S. West Texas Intermediate crude futures were up 0.57% at $74.49 a barrel.
