The Nigerian naira strengthened for the fourth consecutive session on the Bloomberg BMatch platform, reflecting improved transparency and foreign currency liquidity. This electronic trading system, introduced earlier in the week, has bolstered confidence in the forex market.
Investment analysts noted a paradigm shift in Nigeria’s forex landscape, with the Central Bank of Nigeria (CBN) supporting price discovery and liquidity.
- NAFEM Spot Rate: The naira held steady at N1,672.69/USD.
- BMatch Platform: The naira appreciated by 1.6%, closing at N1,607.05/USD. Trading on the platform ranged between N1,550 and N1,638.64/USD on Thursday.
- Parallel Market: The naira gained N20, ending the day at N1,670/USD.
Global Market Trends
- Oil Prices: Brent crude rose to $72.77 per barrel, while WTI settled at $69.04, following OPEC+’s decision to delay production hikes.
- Gold Prices: Gold dipped to $2,640.85/ounce as U.S. Treasury yields climbed. Investors await U.S. non-farm payroll data for insights into Federal Reserve policy directions.
The recent forex reforms and stability in the parallel market signal positive momentum for Nigeria’s economy heading into year-end.
