By theG&BJournal
MON MAR 09 2026-theGBJournal| The naira weakened in the foreign exchange market on Monday by 1.0% to N1,407.00/US$1, as the US dollar strengthened globally, buoyed by a sharp rally in crude oil prices.
The damp naira performance stretches from last week when it went down by 2.14% w/w at the NFEM window, closing at N1,393.26/US$1 compared to N1,363.42/US$1 in the previous week.
Similarly, the parallel market recorded a weak performance last week, with the Naira
depreciating by 2.10% w/w to close at N1,430.00/US$1.
At current levels, the parallel market trades at a slight premium of 2.64% relative to the official NFEM rate
Meanwhile, the surge in oil prices—driven by escalating geopolitical tensions in the Middle East—boosted the dollar’s safe-haven appeal, exerting pressure on emerging market currencies including Nigeria’s.
Despite Nigeria’s status as a major crude exporter, the stronger dollar dynamic continues to shape currency movements in the near term.
Market participants are therefore closely monitoring developments in global oil markets and domestic FX liquidity, both of which remain key drivers of investor sentiment across the financial markets.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
