SAT APRIL 05 2025-theGBJournal| The Naira rose against the dollar Friday, ending 0.2% to N1,536.00/US$ as FX sales by offshore players driven by an expected OMO auction offset the lack of intervention from the Central Bank of Nigeria (CBN).
The OMO auction offset also the negative sentiments stemming from the imposition of a 14.0% tariff by Trump on Nigerian exports as well as the US increased oil supply by OPEC+, causing oil prices to temper.
Meanwhile, gross FX reserves declined for the third consecutive week by US$135.57 million w/w to US$38.17 billion (April 2).
In the forwards market, the naira rates decreased across the 1-month (-2.8% to N1,619.49/USD), 3-month (-3.4% to N1,689.27/US$), 6-month (-2.9% to N1,772.91/US$) and 1-year (-2.1% to N1,930.55/US$) contracts.
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