Naira Exchanges 1,665/$, As Brent Crude Oil Hits $80 Per Barrel

Nigeria recorded a mixed fortune today in the oil market and financial markets respectively with Brent Crude hitting $80 per barrel whereas Naira depreciated N1, 665 to the dollar.

Naira’s slide was recorded in the parallel market where the national currency exchanged for N1,645 to the dollar.

Similarly, the Naira depreciated to N1,544.5 per dollar in the official foreign exchange market.

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for Nigerian Foreign Exchange Market (NFEM) rose to N1,544.5 per dollar from N1,542 per dollar on Thursday, indicating N2.5 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N120.5 per dollar from N103 per dollar on Thursday.

READ ALSO: Naira To Dollar Exchange Rate Unstable At NFEM

It is a different ball game in the global oil market where Brent Crude Oil hit $80 a Barrel on Friday, the highest since October 2024, making a 3% increase from the previous day’s trading.

The price dropped from above $80 in October, and has hovered around $74-$77.

These are amidst concerns US may sanction Russian oil exports, going by purported U.S. Treasury documents.