SAT JAN 10 2026-theGBJournal| The naira gained this week by 1.1% w/w to N1,418.72/US$ at the Nigerian Foreign Exchange market (NAFEM), supported by the robust inflows from offshore players seeking to participate at the OMO PMA.
Outlook for the local currency is projected to be stable, underpinned by a favourable external position, marked by a sustained current account surplus and robust foreign exchange reserves.
In addition, continued investor confidence and elevated naira yields are expected to support steady capital inflows, further reinforcing currency stability.
In the forwards market, the naira rates appreciated across the 1-month (+2.3% to N1,458.67/USD), 3-month (+2.6% to N1,501.53/USD), 6-month (+2.3% to N1,566.08/USD) and 1-year (+2.4% to N1,1686.63/USD) contracts.
Meanwhile, the gap between the official market rate widened as traders quoted and sold between N1,480 and N1,505 per dollar in Lagos and Abuja respectively.
Also, the gross FX reserves increased this week by US$36.32 million w/w to USD45.64 billion (January 7).
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