Naira Hovers at N1436/$ as FX Reserves Hit $43.324 Billion
The Nigerian local currency, the naira, saw a little change versus the US dollar at the official foreign exchange market window on Friday, hovering at N1436 amidst growing external reserves.
The spot FX rate traded on a calm note at the Nigeria foreign exchange market, an update released by the Central Bank shows, reflecting the absence of demand pressures.
FX rate hit an intraday high of N1436, a sharp improvement compared with a similar position of N1441 in the previous day. During the trading session, some international payments were conducted at the intraday low of N1434.5000 before the CBN rate ended at N1436.5778 per dollar.
Meanwhile, the naira lost 34 basis points in the parallel market, closing at ₦1,450 per greenback. The exchange rates reflect continued disparity between official and unofficial exchange rate dynamics.
Bolstered by additional inflows, Nigeria’s gross external reserves increased to $43.324 billion as of November 6, up from $43.197 billion at the end of October.
Oil prices decreased due to weak economic data from major importers, which reduced confidence, though expectations of falling U.S. fuel inventories helped limit losses.
Precious metals declined this week, with gold, silver, and platinum falling as a stronger U.S. dollar and easing safe-haven demand weighed on prices. In contrast, lead and tin posted gains, supported by firmer industrial demand and lingering supply constraints. GTCO Falls, Investors Exit Position after Earnings Disappoint
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