Lagos, Nigeria – September 17, 2026
DDNewsOnline
The naira remained relatively stable against the US dollar on Thursday, September 17, as foreign exchange traders maintained a cautious stance amid continued volatility in the global oil market.
The dollar was quoted at about ₦1,330.31 in the official Nigerian Foreign Exchange Market (NFEM), while the parallel market traded around ₦1,380 to ₦1,385 per dollar.
The official rate was little changed from Wednesday’s ₦1,329.86, indicating limited movement in the currency despite continued demand for foreign exchange.
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The stability comes as global oil markets remain unsettled following disruptions to crude supplies linked to tensions in the Middle East. Brent crude fell to about $104.33 per barrel on Thursday as concerns over global supply disruptions persisted.
Nigeria’s foreign exchange market remains sensitive to developments in the oil market because crude oil earnings are an important source of foreign exchange for the country.
Market participants are expected to maintain cautious trading as investors monitor oil prices, foreign exchange liquidity and developments in global energy supplies.
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The naira’s performance in the coming days is likely to remain closely linked to movements in dollar demand and supply, as well as developments in the international oil market.
By Onabanjo Boluwatife Ifeoluwa
boluwatifeonabanjo3@gmail.com