Exchange Rate Today -Naira Strengthens to N1342 Per Dollar
The Naira closed the trading session in the positive territory at the Nigerian Foreign Exchange Market (NFEM), appreciating by 11bps or ₦1.44 against the U.S. dollar.
The appreciation followed improved FX supply conditions relative to demand, as the market posted a stronger performance than the previous session.
The Nigerian foreign currency market has been supported by inflows from foreign portfolio investors, exporters and non-bank corporates among other sources.
Data published by the Apex Bank revealed that NFEM interbank turnover decreased to N72.255 million across 82 deals on Thursday, from N114.347 million.
Trading data published by the Central Bank revealed that the spot FX rate hovered around the ₦1,344.00/$ and ₦1,340.00/$ band during the session before settling at ₦1,342.30/$.
Meanwhile, external reserves remain at $48.70 billion, down from the 2009 peak of $50 billion amidst uncertainties in the global commodities market.
Market reports indicate that oil prices rose on Thursday amid scepticism that forthcoming peace talks between the U.S. and Iran would resolve disruptions to Middle Eastern energy supplies caused by the ongoing war.
Brent crude spiked by 3.39%, gaining $3.39 and hovering around $98.15 per barrel as of 21:20, while U.S. West Texas Intermediate (WTI) soared 5.89% to trade around $93.32 per barrel.
However, Gold prices held steady on Thursday after hitting a one-month high in the previous session. Spot gold price lost 0.66%, to trade around $4,791.81/oz, while U.S. gold futures lost 0.24%, hovering around $4,812.26/oz. Exchange Rate Today -Naira Strengthens to N1342 Per Dollar