Nigeria’s Currency Gains as Foreign Reserves Surge Past $51 Billion
The Nigerian naira strengthened by about 0.10%, settling at roughly N1,369 per U.S. dollar in the official foreign exchange market (NFEM). The Central Bank of Nigeria’s daily update showed the official rate at N1,369.1064, down from the previous close of N1,370.4556.
During the trading session, interbank transactions were executed between N1,368 and N1,373 per dollar, indicating improved liquidity despite the bank’s six‑week hiatus from market intervention.
Interbank foreign exchange turnover rose sharply to $65.206 million, a 63 % increase from the prior session’s $39.897 million, according to data released by the CBN.
Nigeria’s foreign reserves climbed to $51.060 billion, marking the highest level since 2009. The surge reflects a combination of lower oil imports, elevated global crude oil prices, and increased domestic production output.
International oil markets saw Brent crude futures dip below $78 a barrel after diplomatic developments between the U.S. and Iran, while U.S. West Texas Intermediate futures traded near $74.
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