The naira appreciated by 1.35 percent to close at ₦1,455.23 per dollar at the official foreign exchange market on Thursday, strengthening from the previous day’s ₦1,475.35, according to data from the Central Bank of Nigeria (CBN).
The gain was attributed to improved foreign exchange liquidity and rising inflows from exporters and non-bank sources. Dealers said market demand from corporates was fully met, with the local currency trading as high as ₦1,445 intraday before settling at ₦1,455.23/$, while the weakest quote was ₦1,468.
The appreciation coincided with an increase in Nigeria’s external reserves, which rose to $42.33 billion as of September 29, compared to $42.26 billion a day earlier. Analysts said the uptick highlights sustained inflows despite volatile oil prices in the international market.
At the parallel market, the naira closed at ₦1,475/$, narrowing the gap with the official rate. Similarly, GTBank’s Naira Mastercard international payment rate stood at ₦1,475/$, reflecting increased convergence between banking channels and bureau de change operators.
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Meanwhile, global oil prices steadied after three consecutive days of declines. Brent crude gained 0.2 percent to $65.51 per barrel, while U.S. WTI rose to $61.92. The OPEC+ alliance is considering a possible November supply hike of up to 500,000 barrels per day, a move that has sparked fresh concerns over potential oversupply amid higher U.S. inventories and the resumption of Kurdish exports via Turkey.
Investor sentiment, however, remained cautious as market jitters over the ongoing U.S. government shutdown persisted. Some support for crude prices came from China’s continued stockpiling of its strategic reserves, cushioning fears of demand slowdown.