The naira strengthened to ₦1,455 per dollar at the official foreign exchange market on Thursday, supported by robust FX liquidity and steady inflows from exporters, according to data from the Central Bank of Nigeria (CBN).
The official spot rate closed at ₦1,455.23/$, representing a 1.35% appreciation from ₦1,475.35/$ on Wednesday. Intraday trading saw the local currency touch a low of ₦1,445/$ and a high of ₦1,468/$ as dollar supply met corporate demand.
In the parallel market, the naira also firmed slightly, closing at about ₦1,475/$, in line with quotes from banks and FX bureaux. GTBank’s naira Mastercard rate was also quoted at ₦1,475/$, indicating growing convergence between official and informal market rates.
Nigeria’s external reserves continued to climb, reaching $42.33 billion on September 29, up from $42.26 billion previously, driven by sustained inflows despite volatility in global oil prices.
Crude markets remained under pressure as concerns over a U.S. government shutdown, higher inventories, and expectations of an OPEC+ output hike weighed on sentiment. Brent crude rose 0.2% to $65.51 per barrel, while WTI gained 0.2% to $61.92 after three consecutive days of losses.
OPEC+ is expected to approve a November production increase of up to 500,000 barrels per day, triple October’s hike, with Saudi Arabia pushing to reclaim market share. Rising U.S. stockpiles and the planned resumption of Kurdish oil exports via Turkey also reinforced oversupply concerns, though ongoing Chinese purchases for strategic reserves provided some support.
