SAT AUG 09 2025-theGBJournal|The naira fell 1.0% w/w to N1,535.00 on Friday at the official market against the U dollar, as FX demand slightly surpassed supply from FPIs looking to participate in the OMO PMA and the US$150 million intervention from the Central Bank of Nigeria (CBN) to banks.
In the forwards market, the naira rates depreciated across the 1-month (-0.5% to N1,575.24/USD), 3-month (-1.2% to N1,647.47/USD), 6-month (-2.3% to N1,755.29/USD) and 1-year (-3.9% to N1,960.26/USD) contracts.
Meanwhile, gross FX reserves increased for the fifth consecutive week, growing by USD800.51 million w/w to USD40.16 billion (August 7).
The overnight (OVN) rate expanded by 10bps w/w to 27.0% as the CBN conducted an OMO auction, mopping up N2.12 trillion from the system.
Consequently, the average system liquidity weakened, settling at a net long position of N566.91 billion (compared to a net long position of N1.19 trillion in the previous week).
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
