Dollar Gains on Global Tensions, Naira Falls to ₦1,375 in Official Market

On Monday, the naira dipped to ₦1,375 against the US dollar in the official FX market. This marks a drop from the ₦1,364 it traded at last Friday. Rising tensions in the Middle East and surging oil prices are rattling investors. Brent crude climbed to $104.55 per barrel, while US WTI crude traded near $98.17. Trading volume fell to $51.17 million from last week’s $78.15 million in 67 deals. Nigeria’s foreign reserves have also slipped by $855 million over five weeks to around $48.33 billion. Experts say upcoming US inflation data and interest rate decisions will be critical. If US rates stay high, the dollar may strengthen further. The Central Bank of Nigeria expects reserves could recover to about $51 billion by end-2026 if global conditions improve.

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