MON AUG 25 2025-theGBJournal| The Naira slumped further Monday to begin the new week after a steep fall last week that followed reports of fat FX reserves.
The currency declined by 0.9% to N1,534.50/US$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) following depreciation of 0.16% w/w last week.
In the parallel market, the currency recorded a steeper decline, losing 0.65% w/w to settle at N1,550.00/US$1.
The Central Bank of Nigeria (CBN) offered a spot rate of 25.99% pa on OMO securities with 124 days to maturity, higher than investors had expected and indicating a likelihood that the CBN is seeking to attract and keep offshore inflows for longer to sustain FX liquidity.
Meanwhile, total FX inflows settled at US$751.70 million for the week, lower than the US$787.50 million recorded in the previous week.
Exporters emerged as the leading contributors, accounting for US$216.10mn (28.75%) of total inflows.
This was followed by non-bank corporates with US$203.90 million (27.24%), while foreign portfolio investors (FPIs) contributed US$175.60 million (23.36%).
CBN accounted for inflows of US$137.4 million (18.27%).
Meanwhile, inflows from individuals and other sources accounted for 0.50% and 1.87%,respectively.
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