Naira Falls to N1,358 as FX Demand Eclipses Supply
The naira fell against the US dollar at the official window as pressures from rising international payments eclipsed FX liquidity in the currency market.
The spot rate depreciated to N1358.4351 per US dollar at the Nigerian Foreign Exchange Market (NFEM), the official window, from N1353.9081 in the previous day.
During the intraday trading session, the official FX rate ranged from an intraday high of N1354 to a low of N1361.5000 per dollar, reflecting increased pressure.
Data published by the Central Bank indicates that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
In the global commodity market, oil prices fell on Friday as the United States and Iran are expected to hold direct talks in Pakistan.
International benchmark Brent crude futures fell 0.23% to $104.83 per barrel, while West Texas Intermediate futures lost about 2% to $93.90.
U.S. special envoy Steve Witkoff and Jared Kushner will travel to Pakistan Saturday morning for direct talks with their Iranian counterparts, White House press secretary Karoline Leavitt confirmed Friday.
Iran’s foreign minister, Abbas Araghchi, said earlier Friday that he would travel to Islamabad, Muscat and Moscow to “closely coordinate with our partners on bilateral matters and consult on regional developments.” Nigerian Breweries Grows Profit by 25.6% in Q1