The naira remained stable in the official market while showing slight appreciation in electronic trading, buoyed by Nigeria’s recent $2.2 billion Eurobond issuance.
At the Nigerian Autonomous Foreign Exchange Market, the naira closed unchanged at N1,672.69 per dollar. However, it appreciated by 1.1% to N1,655.74 per dollar in the Electronic Foreign Exchange Matching System (EFEMS), according to Cordros Capital Limited.
In the interbank electronic FX market, trades ranged between N1,585 and N1,678 per dollar, reflecting increased activity due to the introduction of the automated BMatch system on December 2. Analysts noted that the platform enhances transparency and reduces volatility in currency trading.
Market confidence was bolstered by sufficient dollar liquidity and the country’s external reserves, which stand at over $40.2 billion. The recent Eurobond auction, which raised $2.2 billion, was oversubscribed by $9 billion, highlighting strong investor interest.
In the parallel market, the naira appreciated to N1,720 per dollar, gaining N10 from the previous day as year-end demand eased. Diaspora remittances are also helping boost FX liquidity in this segment.
Global Commodities
Oil prices edged higher, with Brent crude trading at $72.93 per barrel and WTI at $69.18, as investors awaited the outcome of an OPEC+ meeting.
Gold prices dipped slightly following strong U.S. labor market data but found support from a weaker dollar and falling Treasury yields. Gold traded at $2,641.53 per ounce as markets awaited further economic indicators to gauge the Federal Reserve’s interest rate direction.
