The Naira held firm across major foreign exchange markets on Tuesday, with exporter inflows emerging as the primary source of market support.
At the Nigerian Foreign Exchange Market (NFEM), the local currency closed at N1,583.73 kobo per dollar—reflecting a modest 0.3% slip from Monday’s rate of N1,579.40 kobo, according to Central Bank of Nigeria data. In the parallel market, rates remained stable at N1,610 to the dollar.
Week-on-week, the NFEM recorded a dip in total inflows to $3.38 billion, down from $4.29 billion, according to figures from Coronation Merchant Bank’s research unit.
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Meanwhile, the Central Bank, in partnership with the Nigeria Inter-Bank Settlement System, has launched a Non-Resident Diaspora Bank Verification Number scheme. The initiative aims to boost diaspora remittances and enhance foreign exchange liquidity.
CBN Governor Olayemi Cardoso reaffirmed the Bank’s target of attracting $1 billion monthly from the diaspora, stressing compliance with FX regulations to sustain confidence in the market.
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