The naira on Thursday hit a two-year high of N1,315.67 in the official foreign exchange (FX) market amid increased dollar liquidity, as external reserves reached an 18-year high of $53.99 billion.
Data published by the CBN showed that the naira appreciated by N11.02, with the dollar quoted at N1,315.67 on Thursday, representing a 0.84% gain from the N1,326.69 quoted on Wednesday at the NFEM.
In the parallel market, also known as the black market, the local currency steadied at N1,400 per dollar on Thursday. The gap between the official and parallel market rates widened to 6.46% from 4.63% previously.
Total turnover at the interbank segment of the FX market surged by 62.33% to $152.04 million on Thursday, from $93.66 million recorded on Wednesday. The number of deals also increased by 45.71% from 105 on Wednesday to 153 deals on Thursday.
Although the NFEM figures for deals and turnover were not available as of the time of reporting, activity had increased, with total turnover at the NFEM window rising by 14.63% to $658.46 million on Wednesday from $574.42 million on Tuesday. However, the number of deals dropped by 10.66% to 310 on Wednesday from 347 deals on Tuesday.
Nigeria’s external reserves, which give the CBN the firepower to defend the naira and meet external obligations, have maintained a steady growth trajectory, rising to an 18-year high of $53.99 billion as of September 2, 2026.
The naira appreciated by 1.5% in the NFEM during August, while market turnover rose to $14.68 billion, its highest level in five months,…
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Read Full Article by Hope Moses-Ashike at businessday.ng
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