The Nigerian naira opened the week on a positive note at the Nigerian Foreign Exchange Market, recording a notable day-on-day appreciation against the U.S. dollar amid improved foreign currency supply conditions.
At the close of trading, the naira strengthened by ₦7.93 to settle at ₦1,456.56 per dollar, compared with the previous session’s close. During the trading day, the local currency exchanged within a band of ₦1,431.00 to ₦1,466.00 per dollar, reflecting heightened activity and better liquidity at the official window.
Supporting the currency’s performance, Nigeria’s gross external reserves reversed a three-day decline, rising by $7.90 million to stand at $45.22 billion. This rebound pushed the year-to-date growth in reserves back to 10.61%, reinforcing investor confidence in the country’s external position.
In the global commodities market, crude oil prices advanced sharply on Monday following heightened geopolitical tensions that raised concerns about potential supply disruptions. The rally followed reports that the U.S. Coast Guard attempted to intercept an oil tanker in international waters near Venezuela, alongside renewed attacks on Russian infrastructure linked to the Ukraine conflict.
Brent crude climbed 3.31% to $62.04 per barrel, while U.S. West Texas Intermediate rose by 2.44%, settling at $57.90 per barrel. The gains underscored renewed risk premiums in energy markets tied to geopolitical uncertainty.
Gold prices also surged, bolstered by strong safe-haven demand as tensions between the United States and Venezuela intensified. Spot gold jumped 2.23% to a record $4,435.17 per ounce, while U.S. gold futures advanced 1.85% to $4,468.55 per ounce.
Market analysts expect oil prices to remain supported in the near term due to persistent supply-side risks, while gold is projected to stay firm on continued safe-haven flows and expectations of further U.S. interest rate cuts.
