Nigerian Naira Dives for 12-Day over Surging Offshore Payments
The Naira depreciates over 12 trading sessions at the Nigerian foreign exchange market (NFEM) as pressure on offshore payments continues to reduce the official value of the Nigerian local currency.
Daily FX data published by the Central Bank of Nigeria (CBN) revealed that the official rate fell to N1387 per dollar on Thursday, marking 12 consecutive negative movements after the authority purchased about $190 million.
The local currency depreciation was driven by limited supply at the opening of the session before it began to improve towards the close of the session, AIICO Capital Limited said.
The Naira traded within the ₦1,382.00/$ and ₦1388.00/$ range during the session before settling at ₦1,387.45/$, signalling that pressure has begun to slow after FX injection.
On Tuesday, the Apex Bank flooded the forex market with $200 million, the same amount injected the previous week.
Updated data showed Nigeria’s gross external reserves climbed to $49.88 billion as of 3-Mar-2026, reflecting an addition of $189.14 million, compared to last Friday’s level. Foreign reserves maintain an uptrend as Dangote Refinery has significantly reduced fuel import payments.
In the global commodity market, oil prices climbed by around 5% on Thursday, extending a rally as the escalating U.S.-Israeli war with Iran disrupted supplies and shipping, driving some major producers in the Middle East to reduce output.
Brent crude rose by 4.09% or $3.33, hovering around $84.73 per barrel, while U.S. West Texas Intermediate (WTI) gained 7.49% to around $80.25 per barrel.
However, gold prices erased the previous day’s gains, hitting a two-day low as precious metals were pressured by high US Treasury yields and a strong U.S. Dollar, despite solid jobs data.
Spot gold price shed 114bps, to around $5,077.43/oz, while U.S. gold futures lost by 92bps, hovering around $5,087.66/oz. #Nigerian Naira Dives for 12-Day over Surging Offshore Payments Excess Liquidity: Banks’ Placements at SDF Window Hit N6trn
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