SAT OCT 03 2026-theGBJournal| The naira weakened modestly against the U.S. dollar as renewed foreign-exchange demand outweighed a $100 million intervention by the Central Bank of Nigeria (CBN), while the country’s external reserves continued to build.
The currency depreciated 0.1% week-on-week to N1,332 per dollar, indicating relatively limited movement in the spot market despite renewed demand for foreign currency.
The CBN’s intervention provided additional dollar liquidity, but was not enough to fully offset demand pressures during the period.
Forward-market pricing continued to point to a weaker naira over the longer term. The one-month forward contract fell 9 basis points to N1,350.62 per dollar, while the three-month contract rose 4 basis points to N1,385.61.
The longer-dated contracts reflected a wider premium to the spot rate. The six-month forward rate increased 28 basis points to N1,434.30, while the one-year contract rose 78 basis points to N1,529.80 per dollar.
The forward curve therefore remains notably higher than the spot rate, suggesting that market pricing continues to incorporate longer-term exchange-rate pressure even as near-term movements remain relatively contained.
At the same time, Nigeria’s external liquidity position strengthened.
Gross external reserves increased by $62.17 million to $54.93 billion as of September 30, providing the Central Bank with a larger foreign-currency buffer as it manages liquidity and exchange-rate pressures.
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