The naira registered only a marginal shift against the US dollar across various foreign exchange (FX) segments on Thursday, as demand and supply dynamics moved closer to equilibrium amid renewed market interventions.
The currency has experienced recurring pressure in recent weeks due to year-end payment obligations and increased foreign portfolio outflows, compounded by limited US dollar inflows in the official market.
Fresh figures released by the Central Bank of Nigeria (CBN) showed a slight weakening of the official spot rate by 0.01%, settling at ₦1,447.83 per dollar. The adjustment underscores persistent demand for hard currency despite ongoing FX interventions and inflows from Foreign Portfolio Investors (FPIs).
During Thursday’s session, the official window recorded a modest dip of 18 kobo per dollar to close at ₦1,447.8263/$, with trades fluctuating between ₦1,446.00 and ₦1,450.00. The intraday high of ₦1,450 mirrored the previous day’s peak, influenced largely by heightened international payment requirements linked to year-end commercial activities.
In the parallel market, the naira also edged lower to ₦1,460 per dollar, highlighting a widening contrast between the regulated FX window and informal trading channels.
On the global front, oil prices climbed on Thursday as traders priced in expectations of an imminent US Federal Reserve rate cut. Lingering diplomatic deadlock over Ukraine further reduced optimism around a potential deal that could restore Russian oil exports.
Brent crude advanced by 76 cents (1.21%) to $63.43 per barrel, while US West Texas Intermediate (WTI) rose 89 cents (1.51%) to $59.84.
Gold prices also saw mild gains, supported by a softer US dollar but restrained by rising Treasury yields. Market participants are now awaiting Friday’s inflation data from the United States for clearer direction ahead of the Federal Reserve’s upcoming December policy meeting.
Spot gold climbed 0.18% to $4,213.81/oz, while US gold futures rose 0.28% to $4,244.50/oz. Analysts expect oil to find additional support from geopolitical risks, while gold may trade cautiously as investors await new macroeconomic signals.
 segments on Thursday, as demand and supply dynamics moved closer to equilibrium amid renewed market interventions.){kind=link}