SAT JULY 19 2025-theGBJournal| The naira slipped against the US dollar by close of official trade on Friday, despite Central Bank of Nigeria’s (CBN) intervention, selling c.USD80.00 million to the market.
In the forwards market, the naira rates fell across the 1-month (-0.4% to N1,578.53/US$), 3-month (-0.5% to N1,654.49/US$), 6-month (-0.7% to N1,763.13/US$) and 1-year (-1.0% to N1,972.98/US$) contracts.
Meanwhile, gross FX reserves increased for the second consecutive week, growing by US$422.16 million w/w to US$37.85 billion (17 July).
The increase is largely attributed to reduced global pressures and stronger market confidence, which continues to attract inflows from foreign portfolio investors (FPIs).
Additionally, a stronger net FX reserve position enhances the CBN’s capacity to intervene when necessary.
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