TUE JAN 13 2026-theGBJournal| The Naira fell on Monday after the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported no improvements in Nigeria’s crude oil production (including condensates), and despite Central Bank of Nigeria’s robust intervention in the previous week.
The NUPRC reported crude oil production (including condensates) unchanged at 1.60 mb/d in November, impacting earnings from the oil sector.
The stagnant production level is underlined by intermittent terminal shutdowns, partly attributable to lingering weaknesses in oil infrastructure.
Naira fell by 0.2% to N1,422.17 against the US dollar, coming off a 0.54% week-on-week gain by close of official trading on Friday.
Last week, the Naira appreciated, strengthening to a mid-week high of N1,418.26/US$ in the NAFEM market before easing to N1,423.17/US$.
The trend, however, was not mirrored at the parallel market, where the currency weakened slightly, closing at N1,495.00/US$ from N1,490.00/US$ in the prior week, reflecting a 0.33% week-on-week depreciation.
The Central Bank of Nigeria reported gross foreign exchange reserves at U$45.67 billion, up by 0.22% following an inflow of US$100.46 million last week.
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