The Nigerian naira maintained its stability against the U.S. dollar on Wednesday as foreign exchange liquidity improved and demand pressures eased.
According to data from the Central Bank of Nigeria (CBN), the spot rate reached an intraday low of ₦1,452 per dollar but later closed at ₦1,462/$, following an intraday high of ₦1,466. The consistent exchange levels suggest a balanced flow of dollar supply and demand in the FX market.
Analysts attributed the stability to improved dollar inflows from exporters and international oil companies, which have boosted market liquidity and reduced the need for CBN intervention.
At the close of trading, the naira closed flat at ₦1,463.44/$ in the official market and ₦1,492/$ at the parallel market, reflecting steady demand for the local currency.
Meanwhile, Nigeria’s external reserves remained firm at $42.79 billion ahead of a scheduled Eurobond repayment of $1.1 billion next month. Government officials have indicated plans to refinance the maturing Eurobond through new foreign borrowings in the fourth quarter.
A Lagos-based investment banker told MarketForces Africa that “there is a high probability the government will refinance its Eurobond obligations using external loans already approved by the legislature.”
Nigeria plans to raise over $2 billion from the international debt market later this year, though specific timelines are yet to be confirmed.
Elsewhere, crude oil prices continued to post gains, supported by optimism surrounding U.S.-China trade negotiations. Meanwhile, gold extended losses due to profit-taking, and cryptocurrencies traded mixed across major exchanges.
