The naira weakened to N1538 in the Nigerian autonomous foreign exchange (FX) market (NAFEX) despite inflows from exporters. On Monday, the naira ended a five-day rally as renewed demand for US dollars led to a depreciation.
However, the naira saw a 2.4% appreciation, reaching N1,540.78 per US dollar on BMatch, the Electronic Foreign Exchange Matching System (EFEMS). The exchange rates on BMatch and the FMDQ platform were close to each other, reflecting a search for the true value of the Nigerian naira.
Spot data from the FMDQ platform revealed a 0.23% depreciation, with the naira closing at N1,538 per US dollar in the official market. The local currency traded within a tight range, fluctuating between N1,524.50 and N1,554.00.
Despite this volatility, analysts noted that the naira received some support from US dollar sales by exporters, closing at N1,538.50. According to the National Bureau of Statistics, Nigeria’s exports surged past imports in Q3 2024, with exports growing by 17% to N20.5 trillion, while imports rose by 9% to N14.7 trillion. This resulted in a trade surplus of N5.8 trillion for Q3, marking the eighth consecutive quarter of trade surpluses.
The growing surplus signals Nigeria’s strengthening trade position and the positive impact of export-led growth strategies, as noted by Cowry Asset Limited.
In the global commodities market, oil prices increased by about 2% following reports that China, the world’s largest oil importer, is considering its first monetary policy easing since 2010 to stimulate economic growth. Brent crude was priced at $72.35 per barrel, while WTI traded at $68.59. Meanwhile, gold prices rose as China resumed its gold purchases after a six-month break, coinciding with expectations of an interest rate reduction at the upcoming Federal Reserve meeting. Gold is currently valued at approximately $2,678.20 per ounce.
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