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Naira Appreciates as External Reserves Hit 13-Month High

Naira Appreciates as External Reserves Hit 13-Month High

The naira reclaimed part of losses sustained over the weeks as fx liquidity pressures reduced on Friday. The naira exchange rate had crossed N1520 in the official market as FX crisis in Nigeria got dirty.

The foreign exchange market experienced relief to reduced speculative activities, causing the naira to strengthen against the US dollar across market segments.

FMDQ FX spot rate showed that the naira closed at ₦1,509.67 per US dollar, appreciated by 0.70% from the previous close. In the parallel market, the naira appreciated by 0.43%, ending the day at an average of ₦1,523 per dollar.

Diverge degree in exchange rate movements however widened FX gap to N14 on each US dollar. Exchange rates gap between official and parallel market had reduced to N2.

Analysts said activities in the FX market this week still reflect that FX liquidity remains frail, given weak inflows from the CBN – despite the recent accretion to FX reserves.

According to data from the central bank, Nigeria’s FX reserves rose to a 13-month high as the gross reserves level increased by USD465.21 million to USD34.66 billion.

In the global commodity market, oil prices steadied on Thursday. Brent crude futures edged up 0.31% to $87.70 a barrel, and U.S. West Texas Intermediate (WTI) crude futures gained 0.15% to $84.15 per barrel. Fitch Affirms AfDB at ‘AAA’ With Stable OutlookThe post Naira Appreciates as External Reserves Hit 13-Month High appeared first on MarketForces Africa.

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Published on: July 7, 2024

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