Naira Strengthens Against Western Currencies Amid Robust Dollar Liquidity

The Nigerian Naira strengthened against Western currencies in the foreign exchange market due to robust US dollar liquidity. In the official market, the currency appreciated by 0.83% week-on-week to close at N1,346.49 per US dollar.

According to data from the Central Bank, naira bulls project that the rate will close at N1350 per dollar in 2026.

Nigeria's external reserves increased marginally by 0.65% week-on-week to $52.657 billion, indicating a continued improvement in the country's external liquidity position.

Crude oil prices were on track to record a second consecutive weekly gain, with Brent crude trading at $94.03 per barrel and West Texas Intermediate (WTI) standing at $86.95 per barrel.