TUE OCT 07 2025-theGBJournal| The naira weakened against the dollar on Monday as speculative activities returned to taunt the market.
The naira official FX rate fell by 0.6% to N1,465.00/US$, losing some shine from its stellar performance last week.
The Naira strengthened across both official and parallel markets last week, buoyed by sustained CBN interventions and foreign inflows during the week.
At the NFEM window, the local currency appreciated by 1.4% w/w to close at N1,457.00/US$1, while in the parallel market it advanced by 2.75% w/w to
N1,455.00/US$1.
Consequently, the gap between the two markets flipped to -N10.68 (a premium of 0.73% on the official market rate), from N14.34 a week earlier, as speculative activities eased especially as the seasonal demand hike normally seen before the new academic year and the end of the summer holiday period.
Activity levels moderated slightly at the NFEM window, where total FX inflows climbed to US$835.60mn versus US$1.18bn in the prior week.
By composition, foreign portfolio investors contributed the largest share at US$259.11mn (31.0%), followed by exporters (20.30%), foreign direct investments (19.9%), non-bank corporates (8.9%), the CBN (14.89%), and other sources (12.2%).
Meanwhile, gross external reserves ticked up by 0.36% w/w (or US$150.99 million) to US$42.41 billion.
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