The Naira held in the mid-₦1,400s/$, supported by rising FX reserves and high importer demand.
Meanwhile, in Lagos’ parallel market, traders quoted slightly higher rates, reflecting persistent pressure outside official channels.
Naira Holds Steady
On Thursday, trading showed a clear divergence: NFEM pegged the Naira at ₦1,450/$, while parallel markets pushed it to ₦1,460–₦1,475/$.
Analysts explained that high dollar demand for imports and limited formal forex inflows caused the gap.
Reserves Reach Seven-Year High
At the same time, Nigeria’s FX reserves surged to $46.7 billion, marking the highest level in seven years.
Deputy Governor Abdullahi praised the reserves as a turning point in the CBN’s reform agenda.
He emphasised that the reserves now cover over ten months of imports, signalling stronger economic stability and growing investor confidence.
Read Also: Nigeria’s Pension Funds Defy Market Woes, Hit ₦26T
Furthermore, stronger oil revenues and portfolio inflows boosted the increase, while foreign investors renewed interest in Nigeria.
Lawmakers And Global Impact
Meanwhile, lawmakers demanded that agencies submit overdue documents for the Naira-for-Crude Oil Policy by November 27.
Committee Chairman Emerengwa criticised repeated absences, calling them “gross negligence” and warning that agencies’ inaction undermined legislative collaboration with the Executive.
Globally, the US dollar weakened slightly, with the Dollar Index (DXY) around 100.15 due to mixed economic signals.
US payrolls showed stronger-than-expected job growth, but rising unemployment complicated Federal Reserve decisions.
Traders now await the preliminary S&P Global PMI for guidance on economic momentum.
Finally, Fed officials urged caution: Hammack opposed rate cuts, while Paulson approached December’s meeting “cautiously.”
Overall, Nigeria’s story shows cautious optimism, as strong reserves buffer the Naira against short-term pressures.
Continued FX inflows and improved crude sales may stabilise the currency in coming months.
