SAT OCT 11 2025-theGBJournal| The naira depreciated marginally this week by 7bps to N1,458.00/USD as demand pressures emerged.
Notably, we saw the Central Bank of Nigeria (CBN) intervene this week, selling USD22.20 million to authorised banks.
In the forwards market, the naira rates appreciated across the 1-month (+0.7% to N1,490.79/USD), 3-month (+0.9% to N1,537.97/USD), 6-month (+1.0% to N1,608.28/USD) and 1-year (+1.3% to N1,742.25/USD) contracts.
Analysts at Cordros Research say they still maintain a positive outlook on the naira, supported by expectations of sustained FX liquidity.
On the domestic front, rising non-oil exports and improving market confidence should underpin inflows, while externally, healthy FX reserves, a positive current account position, and a shift toward global monetary easing are expected to reinforce foreign investor sentiment and stimulate additional FX market inflows.
Meanwhile, the gross FX reserves increased for the thirteenth consecutive week, growing by US$31.63 million w/w to US$42.58 billion (October 9).
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