The Nigerian naira gained for the fourth straight session on the Bloomberg BMatch platform, highlighting enhanced transparency and foreign currency liquidity. The introduction of this electronic trading system earlier in the week has boosted confidence in the forex market.
With the Central Bank of Nigeria (CBN) promoting price discovery and liquidity, investment experts observed a paradigm shift in Nigeria’s foreign exchange market.
- NAFEM Spot Rate: The naira held steady at N1,672.69/USD.
- BMatch Platform: The naira appreciated by 1.6%, closing at N1,607.05/USD. Trading on the platform ranged between N1,550 and N1,638.64/USD on Thursday.
- Parallel Market: The naira gained N20, ending the day at N1,670/USD.
Global Market Trends
- Oil Prices: Brent crude rose to $72.77 per barrel, while WTI settled at $69.04, following OPEC+’s decision to delay production hikes.
- Gold Prices: Gold dipped to $2,640.85/ounce as U.S. Treasury yields climbed. Investors await U.S. non-farm payroll data for insights into Federal Reserve policy directions.
The parallel market’s stability and the recent forex changes point to promising economic momentum for Nigeria as the year draws to a close.
