SAT MAY 24 2025-theGBJournal| The naira appreciated by 1.1% w/w to N1,585.00/USD, mostly supported by the Central Bank of Nigeria’s (CBN) sale of c.USD190.40 million to the market and reduced dollar demand.
In contrast, the currency fell at the parallel market to N1,625/US$1 due to increased demand for personal and business travel allowances.
In the forwards market, the naira rates appreciated across the 1-month (+1.1% to NGN1,623.11/USD), 3-month (+1.5% to NGN1,682.77/USD), 6-month (+1.6% to NGN1,770.17/USD) and 1-year (+2.6% to NGN1,938.74/USD) contracts.
Meanwhile, gross FX reserves increased for the fourth consecutive week, growing by USD166.63 million w/w to USD38.54 billion (21 May), reflecting sustained inflows.
Analysts project short-term naira stability, as global pressure remains contained amid easing trade tensions. They add that risks persist though, from potential upticks in demand or lower supply.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
