SAT JULY 05 2025-theGBJournal| The naira advanced again this week by 0.9% w/w, holding steady at N1,528.00/US$, supported by supply from foreign portfolio investors (FPIs) on the back of the OMO PMA conducted.
Notably, the Central Bank of Nigeria made no interventions during the week.
In the forwards market, the naira rates was stronger across the 1-month (+1.1% to N1,566.00/US$), 3-month (+2.0% to N1,622.20/US$), 6-month (+3.0% to N1,707.98/US$) and 1-year (+4.0% to N1,879.61/US$) contracts.
Analysts expect the naira to remain stable in the near term, supported by improving FX liquidity from domestic and foreign sources, alongside subdued demand pressures.
Nonetheless, there are the possibility of gradual depreciation should global pressures reemerge.
Meanwhile, gross FX reserves declined for the seventh consecutive week, decreasing by US$138.30 million w/w to US$37.18 billion (July 2).
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