The naira appreciated sharply against the dollar on Thursday, closing at N1,575 in the parallel market—N35 stronger than early June levels.
At the Nigerian Foreign Exchange Market, the official rate stood at N1,549.26, narrowing the gap with the black market to just N26.
Analysts attribute the gain to steady inflows from foreign portfolio investors, exporters, and non-bank corporates, with weekly FX inflows topping $1.03 billion. FPIs accounted for over two-thirds of this.
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The Central Bank also injected $86.6 million to ease demand pressures.
Despite the inflows, Nigeria’s external reserves dipped by $219.56 million to $37.71 billion.
The naira reached a weekly high of N1,544.63 at NAFEM, underscoring continued investor interest in Nigeria’s fixed income market.
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