The Nigerian naira depreciated to ₦1,465 against the U.S. dollar on Friday as heightened demand for foreign currency outpaced available supply in the country’s official foreign exchange (FX) market.
Despite the temporary slip, financial analysts maintain a broadly positive outlook for the local currency, supported by the Central Bank of Nigeria’s (CBN) ongoing interventions and renewed foreign investor interest in naira-denominated assets.
According to data from the CBN, the naira closed the day at ₦1,465.68 per dollar at the official window, after touching an intraday high of ₦1,472 — weaker than the previous session. The movement reflects increased corporate FX requests that pushed the rate higher during trading hours.
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Analysts observed that earlier in the day, the currency briefly strengthened to ₦1,446 per dollar before rising demand redirected market dynamics. For most of the week, the naira had maintained relative stability, trading within the ₦1,455–₦1,460 range per dollar as local liquidity improved.
Midweek trading saw mild volatility, with the rate briefly hitting ₦1,455.24 per dollar due to tight liquidity. However, fresh dollar inflows from local sources and moderate interventions by the CBN helped stabilise the market before the week’s close.
The steady flow of portfolio investments and foreign exchange inflows from oil revenues also played a vital role in supporting the naira. Analysts believe the near-term FX market will continue to benefit from these inflows as the CBN adjusts its monetary and liquidity management strategies.
Nigeria’s external reserves have now climbed to $42.3 billion, driven by consistent foreign exchange inflows from hydrocarbon exports despite global oil price fluctuations.
Oil prices rose modestly on Friday, though they slipped by 0.96% for the week amid expectations of potential OPEC+ supply increases. Brent crude settled at $64.94 per barrel, while West Texas Intermediate (WTI) ended the week at $60.88 per barrel.
In the global commodities market, gold prices advanced by 3.31% to reach $3,886.84 per ounce, nearing record highs. The surge was attributed to investor caution over a potential prolonged U.S. government shutdown and growing expectations of upcoming interest rate cuts by the Federal Reserve. The End