The Nigerian Naira maintained its positive trajectory on Wednesday, extending a multi-day rally supported by improved foreign exchange liquidity at the official window.
According to the latest data from the Central Bank of Nigeria (CBN), the local currency appreciated by 0.15% to close at ₦1,348.95/$ at the official window, despite touching an intraday low of ₦1,345/.
Meanwhile, the parallel market remained steady at ₦1,426/, highlighting the ongoing divergent dynamics between the regulated and informal segments of the market.
This stability follows the apex bank’s recent approval of $150,000 in foreign exchange sales to licensed Bureau de Change (BDC) operators, a move designed to douse retail demand pressure.
Further bolstering the currency’s outlook is the steady rise in Nigeria’s gross external reserves, which climbed by $351 million to reach $47.376 billion. This growth is largely attributed to increased receipts from hydrocarbon sales and a consistent flow of diaspora remittances.
In the global commodities space, ICE Brent oil prices hovered just below $70 per barrel as geopolitical tensions between the US and Iran remain at the forefront.
Following the failure of nuclear talks in Oman, market uncertainty has intensified amid reports that the US may seize tankers carrying sanctioned Iranian oil.
The US Department of Transportation has further advised American commercial vessels to avoid Iranian waters, raising concerns of supply disruptions that could impact global energy pricing in the coming weeks.