The Nigerian naira briefly strengthened to ₦1,392 per U.S. dollar at the Central Bank of Nigeria (CBN) foreign exchange window, reflecting improved liquidity conditions and sustained confidence in the domestic currency market.
At the close of trading, the naira extended its appreciation streak at the Nigerian Foreign Exchange Market (NFEM), gaining five basis points against the dollar to settle at ₦1,400.48/$, building on gains recorded in the previous session.
Market data showed that the currency traded within a relatively tight intraday range of ₦1,392.00/$ to ₦1,415.00/$, supported by steady inflows from foreign portfolio investors alongside increased participation from local market players.
According to the latest update from the Central Bank of Nigeria, the country’s gross external reserves continued their upward trajectory, rising by $27.86 million to reach $46.07 billion as of 27 January 2026. The steady accretion to reserves has been underpinned by improved crude oil production levels and fluctuating global oil prices.
Nigeria’s external buffers have benefited from favourable developments in the global energy market, as oil prices climbed to their highest levels since late September. Prices were boosted by disruptions to U.S. crude production caused by a winter storm, ongoing supply outages in Kazakhstan, and a persistently weak U.S. dollar.
Brent crude advanced by 3.71 per cent, gaining $2.40 to trade around $67.17 per barrel, while U.S. WTI crude rose by 2.38 per cent to approximately $62.07 per barrel.
In parallel, the precious metals market also saw strong momentum, with gold prices surging above $5,300 per ounce for the first time. The rally was driven by heightened economic uncertainty, a depreciating dollar, and investor caution ahead of the Federal Reserve’s policy decision amid concerns over the central bank’s independence.
Spot gold prices climbed by 136 basis points to $5,083.69 per ounce, while U.S. gold futures edged slightly lower by 10 basis points to $5,117.09 per ounce.
Commenting on market conditions, AIICO Capital Limited noted that investor sentiment remains cautious. “We expect markets to trade mixed to cautious, with safe-haven demand supporting gold amid a weak dollar and uncertain oil price direction,” the investment firm stated in its market update.
 foreign exchange window, reflecting improved liquidity conditions and sustained confidence in the domestic currency market.){kind=link}