Naira Sees Slight Daily Gain, Closes at N1,483/$

In the foreign exchange market, the Naira appreciated against the dollar by 0.02% in the official NAFEM market, closing at ₦1,483.62 per US dollar. At the parallel market, the Naira closed at N1,465 per greenback as demand steadied.

In the global commodity market, Brent crude futures increased by 0.95% to $80.38 a barrel, while U.S. West Texas Intermediate crude futures were up 1.15% to $76.39 a barrel. Nigeria’s gross external reserves was relatively stable amidst expectation of more than N2 billion funding support from the World Bank this month.

Elsewhere, Nigeria’s foreign trade statistics report revealed a substantial trade surplus of N6.52 trillion, primarily driven by significant export growth in the fpercentrter of fiscal year 2024. According to data from the National Bureau of Statistics, total exports reached N19.17 trillion, representing a 51 per cent increase from Q4 2023.

In the first three months of the year, France, Spain, the Netherlands, India, and the United States were Nigeria’s top export destinations, according to the report. On the other hand, imports surged to N12.64 trillion, with China as the largest import partner, followed by India, the United States, Belgium, and the Netherlands.

This marks a dramatic recovery from the N1.41 trillion trade deficit in Q4 2023 and the N927.2 billion deficit in Q1 2023. The trade surplus for Q1 2024 is the highest on record, surpassing the previous high of N5.74 trillion in Q4 2011. The report from the National Bureau of Statistics (NBS) attributes this to a robust increase in exports and the impact of exchange rate depreciation.

According to the NBS, total exports for Q1 2024 were valued at N19.17 trillion, a 51.00 per cent increase from the previous quarter’s N12.69 trillion and a 195.47 per cent rise from N6.49 trillion in Q1 2023. Globus Bank to Raise 129bn, Chairman Peter Amangbo Explain Plans
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