The naira began this week continuing its appreciation at the parallel market where it closed Monday’s trading activities selling at N1,650 to the dollar, a N10 or 0.6 per cent increase in value compared to N1,660 which it closed last week.
However, on the official end of the foreign exchange market, the value of the currency opened the week’s trading activities on a weaker note, selling at N1,533 as against the N1,531 which it closed last week.
This is as oil prices closed weaker after the Trump administration pulled back from sanctions threats against Colombia over illegal immigration, alleviating concern about oil supply disruptions. United States President Trump had last week during his presentation at DAVOS 2025, requested that OPEC cut crude oil price.
While the market had initially reacted negatively to the request of the US president, OPEC had remained unmoved signaling a willingness to go ahead with earlier plans to start raising oil output from April.
Nigeria plans to increase its oil output this year to increase its revenue as well as foreign exchange inflow to support the naira.
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