The naira maintained stability against the US dollar on the first trading day using the Bloomberg BMatch system, supported by sufficient foreign exchange (FX) liquidity.
According to FX spot data, the naira closed at ₦1,672.69 per dollar in the official market, unchanged from the previous trading rate. The electronic BMatch platform facilitated interbank FX trading with enhanced transparency and liquidity, enabling smooth order fulfillment.
In the parallel market, the naira ended the day at ₦1,715 per dollar. AIICO Capital Limited highlighted the effectiveness of the platform, stating, “Today, most activity occurred on this platform, and the market had sufficient liquidity to fill some orders.”
Analysts reported an exchange rate range of ₦1,570.27 to ₦1,693.00 per US dollar, with the official rate holding steady at ₦1,672.69 on Monday.
Oil Prices Rise Amid Middle East Tensions; Gold Declines
In global commodities markets, oil prices increased, driven by improved factory activity in China and heightened tensions in the Middle East. Israel’s renewed attacks on Lebanon, violating a ceasefire, further bolstered crude prices.
- Brent Crude: $72.55 per barrel
- US West Texas Intermediate (WTI): $68.68 per barrel
Meanwhile, gold prices fell, ending a four-day winning streak. A sharp rally in the US dollar, coupled with investor anticipation of critical economic data and Federal Reserve guidance on interest rates, contributed to the decline. Gold settled at approximately $2,646.50 per ounce.
