Naira Rises as Nigeria Receives Foreign Currency Loan

The Nigerian naira rose against the US dollar slightly in the foreign exchange market as FX liquidity pressure reduced. Eligible FX demand at the Nigerian autonomous foreign exchange market undercuts total volume of US dollar liquidity at the window,

According to information from the FMDQ, the Naira appreciated against the US dollar by 0.48% in the official NAFEM market, closing at N1,481.49 per US dollar. At the parallel market, the Naira strengthened by 0.54%, ending the day at an average of N1,486 per US dollar.

The African Export-Import Bank, AfreximBank, announced an additional disbursement of US$925 million raised from a consortium of crude oil off-taker lenders.

The off takers lenders include, but are not limited to, the Oando Group and Sahara Energy Resource Limited as part of the syndicated US$3.3 billion crude oil-backed prepayment facility sponsored by Nigerian National Petroleum Company (NNPC) Limited.

According to a statement from the Bank, this brings the total current funded facility size to US$ 3.175 billion. Data from the Central Bank showed that gross external reserves climbed to $32.775 billion during the week amidst pressure in the global commodity market.

Despite the extension of the Opec+ supplier cut, the price of oil has dropped below $80 per barrel. However, oil prices rose on Thursday as the European Central Bank cut interest rates for the first time in roughly five years.

Brent crude futures increased by 0.47% to $78.78 a barrel, while U.S. West Texas Intermediate crude futures were up 0.57% at $74.49 a barrel. # Naira Rises as Nigeria Receives Foreign Currency Loan Oil Prices Climb as Demand Outlook Improves
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