SAT MAY 10 2025-theGBJournal|Strong dollar supply by the Central Bank of Nigeria (CBN) kept the official exchange rate within a stable range of N1,596.00-N1,609.64 against the U.S dollar this week.
By close of official trade on Friday, the naira sold 1.3% w/w down to N1,610.50/US$1, within range-bound despite external pressure from declining oil prices and global trade concerns.
The CBN sold 200.00 million dollars to the market over the `cause of the week.
In the forwards market, the naira rates rose across the 1-month (+0.2% to N1,641.59/USD), 3-month (+0.2% to N1,707.37/USD), 6-month (+0.8% to N1,799.21/USD) and 1-year (+1.7% to N1,988.66/USD) contracts.
Meanwhile, gross FX reserves increased for the second consecutive week, growing by USD86.67 million w/w to USD38.10 billion (6 May).
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