The Nigerian currency, the Nigerian Naira, traded at ₦1,379.50 per dollar on Thursday at the official market, reflecting marginal movement in early trading hours.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the local currency opened at ₦1,378.98 before inching slightly higher.
Trading activity remained relatively calm, with the exchange rate briefly touching an intraday high of ₦1,380.00 before settling at the current level.
Global developments continued to shape currency movements, particularly the performance of the US dollar, which remained under pressure amid geopolitical tensions.
“The dollar remained on shaky footing after broad losses, as investors anxiously assessed whether a fragile ceasefire between the United States and Iran would hold.”
Uncertainty surrounding the Middle East ceasefire added to market caution, with reports suggesting the agreement was facing strain.
The ceasefire deal appeared to be on “thin ice,” as Israel continued its parallel war against Hezbollah, while Tehran accused both Israel and the U.S. of violating the agreement.
The situation has also impacted global oil markets, with restrictions in the Strait of Hormuz contributing to rising prices and shipping concerns.
The Strait of Hormuz “remained shut to vessels sailing without a permit,” with shippers hesitant to resume operations.
Meanwhile, the United States maintained its military posture in the region.
U.S. President Donald Trump said all military assets would remain in place until Iran fully complies with the agreement.
In the broader currency market, the dollar index held steady at 99.07, while other major currencies recorded slight movements. The euro dipped marginally, the British pound edged higher, and the Japanese yen weakened after earlier gains.
