THUR JUNE 05 2025-theGBJournal| The naira rose by 2.3% w/w to N1,550.00/USD by close of official trade on Thursady, supported by increased supply from foreign portfolio investors (FPIs) who were looking to participate in the OMO auction.
In the forwards market, the naira rates appreciated across the 1-month (+1.0% to N1,606.00/US$) and 3-month (+0.4% to N1,675.50/US$) contracts, while it depreciated across the 6-month (-0.5% to N1,776.30/US$) and 1-year (-2.1% to N1,977.47/US$) contracts.
The naira is projected to remain relatively stable in the near term, supported by continued interventions from the Central Bank of Nigeria (CBN) and a gradual moderation in global headwinds.
The easing of global pressures has partly contributed to a renewed interest from foreign investors in Nigeria’s capital markets, thereby enhancing FX inflows.
Meanwhile, gross FX reserves fell for the second consecutive week, decreasing by US$89.58 million w/w to US$38.36 billion (3 June).
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