The naira appreciated to N1455.23 per dollar at the official foreign exchange market on Thursday, strengthening 1.35 per cent from N1,475.35 in the previous session, supported by robust FX liquidity and growing inflows from exporters.
According to the Central Bank of Nigeria’s daily FX update, the local currency traded as strong as N1,445 intraday before settling at N1455.23/$, while the weakest quote stood at N1468. Market dealers said corporate demand was fully met by steady supply from exporters and non-bank inflows.
The appreciation came as Nigeria’s external reserves climbed to $42.33 billion as of September 29, up from $42.26 billion a day earlier, reflecting persistent inflows despite fluctuations in global oil prices.
At the parallel market, the naira closed at N1475/$, indicating a narrowing gap with the official window. GTBank’s Naira Mastercard international payment rate was also quoted at N1475/$, pointing to convergence between banks and bureau de change rates.
Meanwhile, oil prices stabilised after three consecutive sessions of losses. Brent crude rose 0.2 per cent to $65.51 a barrel, while US WTI advanced to $61.92. OPEC+ is weighing a November supply hike of up to 500,000 barrels per day, raising concerns of oversupply amid higher US inventories and the resumption of Kurdish exports via Turkey.
Investor sentiment remains cautious as risk-off mood deepens over the ongoing US government shutdown, though China’s continued stockpiling for its strategic reserves provided some support for crude prices.
