The Nigerian naira held firm against the euro on Monday, despite the European currency’s sharp rally against the U.S. dollar in global markets.
On the parallel market, the euro/naira exchange rate climbed to ₦1,845.
Market activity showed that the naira broke below its ₦1,800/€ support level, pushing the EUR/NGN exchange rate higher.
The black market continues to serve as a vital gauge of foreign exchange availability in Nigeria.
With the Central Bank imposing tight restrictions on the official market, access to forex is limited—particularly for certain imports and Personal Travel Allowances.
The euro (EUR/USD) surged by 1%, briefly surpassing the key 1.15 level—its highest point since 2022—before hitting resistance.
The rally was fueled by safe-haven demand amid rising global trade tensions and a weakening U.S. dollar.
The U.S. Dollar Index (DXY) slipped to 98.2 on Monday, marking its weakest level since March 2022. Although the dollar had gained over the past three years due to trade tensions under the Trump administration, recent global developments have triggered a sharp reversal.
U.S. President Donald Trump last week launched an investigation into imposing tariffs on all critical mineral imports, escalating trade tensions—particularly with China.
The heightened uncertainty made the euro more attractive to investors, contributing to the dollar’s slide to a three-year low.
