The naira on Tuesday traded N1,599.70/$ at official market sustaining stability within the overseas trade (FX) market regardless of the drop in exterior reserves.
The Central Financial institution of Nigeria’s trade knowledge confirmed that it gained barely in opposition to the greenback, rising to N1,599.70 on Tuesday from N1,599.94 on Monday.
Nevertheless, a supply on the black market instructed Financial Confidential that the naira remained flat at N1,605 per greenback on the black market on Tuesday, the identical promoting price recorded on Monday.
Because of this Nigeria’s foreign money, the naira, strengthened marginally by N0.20 per greenback on a day-to-day foundation. In contrast to on Monday, the naira firmed up in opposition to the greenback on Tuesday on the official market.
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Nigeria’s gross exterior reserves declined by eight p.c year-to-date to $37.84 billion as of April 28, 2025 from $40.88 billion originally of the yr, in line with knowledge from the Central Financial institution of Nigeria (CBN).
The naira has recorded appreciation since January, after the introduction of the Digital Overseas Change Matching System (EFEMS) and the overseas trade codes by the CBN.
On the Nigerian Overseas Change Market (NFEM), the naira has gained 3.8 p.c of its worth in opposition to the greenback within the final 4 months, closing at N1,599.70 on Tuesday in comparison with N1,661.12 on December 2, 2024 when transactions commenced on EFEMS.
The NAFEM window recorded an influx of $735mn in comparison with $1.42bn within the earlier week, a report by Coronation Service provider Financial institution Restricted stated.
The CBN accounted for 33.47 p.c of the overall inflows, whereas overseas portfolio buyers (FPIs) have been liable for 11.99 p.c. Non-bank corporates introduced in 31.76 p.c; exporters accounted for 21.17 p.c, whereas different sources attracted 1.61 p.c.
