SAT JUNE 28 2025-theGBJournal| The naira appreciated by 0.5% w/w to N1,541.00/USD by close of official trade on Friday.
The gain was primarily driven by increased supply from foreign portfolio investments (FPIs). Notably, the CBN made no intervention during the week.
In the forwards market, the naira rates appreciated across the 1-month (-0.2% to N1,583.39/USD), 3-month (-1.0% to N1,654.10/US$), 6-month (-2.0% to N1,759.14/US$) and 1-year (-2.6% to N1,955.18/US$) contracts.
We expect the continued reform efforts to strengthen investor sentiment and sustain foreign inflows, enhancing FX market liquidity.
Should global pressures remain contained, the naira is expected to remain relatively stable in the short term.
Meanwhile, gross FX reserves declined for the sixth consecutive week, decreasing by USD298.83 million w/w to US$37.41 billion (June 25).
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
