Nigeria’s local currency appreciated further against the US dollar on Tuesday, supported by strong dollar supply and renewed investor confidence in the foreign exchange market.
Official data from the Central Bank of Nigeria (CBN) showed that the naira gained 67 basis points to close at ₦1,448.2050/$, compared to the previous session’s level. The exchange rate fluctuated between ₦1,445/$ and ₦1,456/$ before settling at ₦1,448/$ at the close of trading.
The appreciation comes as external reserves remain stable at $42.87 billion, even as the government prepares for additional foreign borrowing to strengthen fiscal buffers.
In the commodities market, oil prices continued to slide for a third straight session as traders assessed the potential impact of new US sanctions on Russia’s top oil producers and a possible OPEC+ output increase. Brent crude dropped by $0.54 to $64.36 per barrel, while West Texas Intermediate (WTI) fell by $1.23 to $60.08 per barrel.
Gold prices also dipped, falling to a three-week low as optimism around US-China trade talks eroded its safe-haven appeal. Spot gold slid by 1.09% to $3,954.91 per ounce, while US gold futures fell by 1.06% to $3,970.24 per ounce.
According to AIICO Capital, “Market sentiment remains cautious, with oil prices under pressure from oversupply expectations while gold may see modest recovery amid potential US interest rate cuts.”
