MON APRIL 28 2025-theGBJournal| The Naira relinquished its marginal gains again Monday, falling 0.4% to N1,602 against the U.S dollar at the official FX market.
This is coming after a rise of 0.02% to N1,599.55/US$1 at close of official trading last Friday.
The slight recovery seen last week, moderated the Naira’s year-to-date depreciation to 3.83%, reflecting moderate stability in the official foreign exchange market.
In the same vein, the Naira strengthened further in the informal market, appreciating by 0.31% to N1,610.00/US$1.
As a result, the Naira traded at a 0.65% premium (equivalent to N10.45) in the official market relative to the parallel market rate, easing some of the supply-demand pressures that had previously widened the spread between the two markets.
However, on the external front, the Central Bank of Nigeria’s (CBN) published data indicated a continued drawdown in gross foreign exchange reserves, which declined by 0.17% (US$66.00mn) during the week to a level of US$37.81 bn.
Cumulatively, the reserves have now fallen by US$3.07 bn year-to-date, representing a 7.50% contraction.
The Naira relinquished its marginal gains again Monday, falling 0.4% to N1,602 against the U.S dollar at the official FX market.
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