The naira depreciated further against the U.S. dollar at the Nigerian Foreign Exchange Market (NFEM) on Thursday, weighed down by persistent foreign currency demand from corporates and other market players.
According to data from the Central Bank of Nigeria (CBN), the naira closed at ₦1,502.13 per dollar, slipping from the previous day’s rate of ₦1,500.92. During intraday trading, the local unit reached a high of ₦1,503.50, before settling at ₦1,503 on the spot market.
Traders noted that while inflows from exporters and non-bank corporates improved, overall dollar liquidity remained relatively weak compared to demand. This imbalance has continued to pressure the local currency, even as the CBN maintains steady interventions at the official window.
Nigeria’s gross external reserves, however, edged higher to $41.62 billion on Wednesday. Despite the build-up, the apex bank has yet to conduct open market operations to absorb excess liquidity.
Meanwhile, global oil markets remain volatile, with Brent crude and U.S. WTI trading below $67 per barrel. Prices have been weighed down by concerns over supply adjustments, U.S. inventory growth, and geopolitical uncertainties linked to Russia.
Although rising U.S. inflation has stirred global caution, expectations for a dovish Federal Reserve stance continue to support sentiment across commodities. At the same time, shifting oil supply dynamics—with Russia pivoting exports to Asia, OPEC+ enforcing discipline, and the U.S. boosting production—are reshaping market flows.
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