SAT JAN 17 2026-theGBJournal| The naira depreciated this week by 0.1% w/w to NGN1,418.28/USD as demand pressures emerged.
In the forwards market, the naira rates appreciated across the 1-month (+1.0% to N1,444.96/USD), 3-month (+0.7% to N1,490.77/USD), 6-month (+1.3% to N1,545.97/USD) and 1-year (+1.5% to N1,661.55/USD) contracts.
The naira is expected to remain broadly stable in the near term, supported by a favourable external position characterised by a sustained current account surplus and strong foreign exchange reserves.
Similarly, continued investor confidence is expected, alongside elevated naira yields, to underpin steady capital inflows, further anchoring exchange rate stability.
Meanwhile, the gross FX reserves increased this week by US$156.40 million w/w to US$45.82 billion (January 14).
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