Global Broker Regulation Inquiry App
WikiFX
English
简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Naira Rallies in Official Window, Yet Looming Oil Supply Shock Threatens FX Stability
Abstract：The Nigerian Naira closed January stronger against the dollar in the official market, narrowing the gap with parallel rates, but a scheduled 225,000 bpd reduction in crude exports due to Shell's Bonga field maintenance raises concerns over future FX liquidity.
The Nigerian Naira (NGN) concluded January on a resilient note within the official foreign exchange market, closing at N1,391 to the dollar. This represents a marked appreciation from the months opening rate of N1,431/$, signaling a potential stabilization in the volatile currency market.
Crude Export Disruption
Despite the positive FX momentum, the outlook for Nigeria's foreign reserve accretion faces a significant headwind. Shell has confirmed the shutdown of its Bonga FPSO vessel for scheduled turnaround maintenance.
- Official Closing Rate: N1,391
- Export Loss: 225,000 barrels per day (bpd)
- Effective Date: February 2026
Technicals
- The NGN shows bullish technicals at N1,391/$ as policy adjustments absorb excess liquidity.
- Reduced crude receipts may hinder the Fed-style intervention needed by the Central Bank to clear FX backlogs.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
WikiFX Broker
Latest News
ECB and BoE Set to Hold Rates Amid Inflation Jitters
WikiFXGold Reclaims $4,800 After Historic Rout; Volatility Persists
WikiFXBinary.com Review — Missing Trades & Reporting Issues Investigated
WikiFXOpoFinance Withdrawal Issues: Traders Warn Others
WikiFXMacro Strategy: Hard Assets Favored Over Consumption in Inflationary Environments
WikiFXCentral Bank 'Super Week': ECB, BoE, and RBA to Test FX Volatility
WikiFXPrecious Metals Capitulation: Gold Plunges 12% to Break $5,000 Support
WikiFXEZINVEST Review: The Financial Abattoir Behind the CySEC Mask
WikiFXSARB Pauses Rate Cycle at 6.75% Amid Lingering Uncertainty
WikiFXEurozone Resilience: Economy Defies Gloom as Germany Rebounds
WikiFXCurrency Calculator
USD
CNY
Current Rate:0
Amount
USD
Available
CNY
Calculate