Market News
Naira Strengthens To N1,335/$ On Improved FX Supply - LEADERSHIP
The naira recorded a modest appreciation on Tuesday at the Nigerian Foreign Exchange Market (NFEM), buoyed by improved foreign exchange supply relative to demand pressures.
Data from the Central Bank of Nigeria showed that the official spot rate strengthened by N8.05 to close at N1,335.95 per US dollar, compared with N1,344.00 per dollar recorded in the previous session.
During the trading day, the domestic currency fluctuated within a band of N1,318.00 and N1,344.00 per dollar, reflecting ongoing market adjustments driven by supply and demand dynamics.
Analysts said the naira is expected to maintain its current trajectory, supported by improving external reserves and sustained inflows into the foreign exchange market.
In the parallel market, the local currency also posted gains, appreciating by 0.87 percent to N1,371 per dollar.
The movement aligned with broader market trends and was partly attributed to foreign exchange sales estimated at $150,000 to informal sector participants.
Nigeria’s external reserves rose to $47.80 billion, marking an increase of $135.75 million, driven largely by stronger oil-related inflows and improved stability in the FX market.
According to Anchoria Securities Limited, the current reserve position is likely to remain stable in the near term, underpinned by supportive supply conditions and policy measures aimed at sustaining investor confidence.
