Naira Appreciates to ₦1,419/$ as Global Dollar Selloff Deepens
The naira appreciated against the US dollar at the official window on Tuesday, supported by improved supply from exporters, non-bank corporates, and foreign portfolio investors.
Trading data showed the local currency strengthened by 7 basis points (94 kobo), closing at ₦1,419.35 per dollar, within a range of ₦1,421–₦1,418.40. Analysts attributed the gain to a surplus of dollar inflows that outpaced foreign payment requisitions.
Nigeria’s external reserves also rose by $49.34 million, bringing the total to $45.95 trillion, further reinforcing confidence in near-term currency stability. Market watchers expect the naira to remain firm, citing stronger oil receipts, improved foreign portfolio participation, and consistent Central Bank FX management.
In the parallel market, however, the naira slipped marginally by 0.02% to ₦1,481 per dollar.
Globally, the US dollar came under heavy selling pressure as investors rotated into safe-haven assets such as gold, following heightened geopolitical tensions.
President Donald Trump’s renewed push to annex Greenland rattled transatlantic relations, triggering fears of retaliatory tariffs from the EU and UK. The dollar fell 0.8% against the euro, while the S&P 500 dropped 1.7% amid trade war concerns.
Gold surged to record highs as investors sought safety, while Brent crude steadied at $64.16 per barrel and WTI rose slightly to $59.43. Analysts warned that markets will continue to trade cautiously, with safe-haven demand supporting precious metals and oil prices, while geopolitical risks weigh on the dollar outlook.
