The naira weakened to ₦1,465 per US dollar at the Nigerian foreign exchange market on Friday as increased demand for the greenback outpaced available supply.
Despite the day’s depreciation, analysts maintain a positive outlook for the local currency, citing sustained Central Bank of Nigeria (CBN) interventions, rising external reserves, and renewed interest from foreign portfolio investors betting on naira assets.
According to the CBN’s latest data, the spot FX rate closed at ₦1,465.6776 per dollar at the official window. During intraday trading, the naira touched a high of ₦1,472 and a low of ₦1,446, reflecting intensified corporate demand for foreign exchange.
The currency had shown resilience earlier in the week, supported by improved liquidity from local participants, oil revenues, and offshore inflows. Trading activity remained steady in early sessions, with bids largely matching available supply, keeping rates around ₦1,455–₦1,460 per dollar.
Midweek volatility briefly pushed the rate to ₦1,455.24/$, but increased local dollar flows and moderate CBN interventions helped stabilise the market. By the end of the week, favourable liquidity conditions and continued foreign investor inflows further supported the naira’s performance.
Nigeria’s external reserves also climbed to $42.3 billion, bolstered by consistent foreign exchange inflows from hydrocarbon revenues despite fluctuations in global oil prices.
Meanwhile, oil prices rose on Friday but slipped 0.96% for the week amid expectations of potential OPEC+ supply increases. Brent crude traded at $64.94 per barrel, while West Texas Intermediate (WTI) settled at $60.88 per barrel. Gold prices climbed 3.31% to $3,886.84 per ounce, nearing record highs, as investors reacted to concerns over a possible prolonged U.S. government shutdown and anticipated interest rate cuts.
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