The naira reclaimed part of losses sustained over the weeks as foreign exchange liquidity pressures reduced over the weekend, with the naira exchange rate crossing N1520 in the official market as foreign exchange (forex) crisis in Nigeria appears to worsen.

This as Nigeria’s foreign exchange reserves rose to a 13-month high as the gross reserves level increased by $465.21 million to $34.66 billion.

The foreign exchange market experienced relief to reduced speculative activities, causing the naira to strengthen against the US dollar across market segments.

FMDQ forex spot rate showed that the naira closed at N1,509.67 per US dollar, appreciated by 0.70 per cent from the previous close. In the parallel market, the naira appreciated by 0.43 per cent, ending the day at an average of N1,523 per dollar.

Different degrees in exchange rate movements however widened the forex gap to N14 on each US dollar. Exchange rates gap between official and parallel markets had reduced to N2.

Market forces analysts said activities in the forex market this week still reflect that forex liquidity remains frail, given weak inflows from the CBN – despite the recent accretion to forex reserves.

According to data from the central bank, Nigeria’s foreign exchange reserves rose to a 13-month high as the gross reserves level increased by $465.21 million to $34.66 billion.

In the global commodity market, oil prices steadied on Thursday. Brent crude futures edged up 0.31 per cent to $87.70 a barrel, and U.S. West Texas Intermediate (WTI) crude futures gained 0.15% to $84.15 per barrel.