SAT MARCH 08 2025-theGBJournal| The naira weakened to N1,512.30/$ in the official market and N1,520/$ in the parallel market due to increased FX demand from offshore investors and dividend repatriation.
The pause in CBN’s FX intervention led to heightened exchange rate volatility despite stable reserves at $38.416 billion and some foreign inflows from OMO sales.
Without fresh FX liquidity, the naira may face further depreciation, requiring CBN intervention or increased dollar inflows to stabilize the market.
In the forwards market, the naira rates fell across the 1-month (-0.7% to N1,549.59/USD), 3-month (-0.7% to N1,618.82/USD), 6-month (-0.6% to N1,721.87/USD) and 1-year (-0.3% to N1,905.92/USD) contracts.
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