SAT JUNE 21 2025-theGBJournal| The Nigerian naira rose by 0.6% w/w to N1,548.00/USD, buoyed by increased supply from foreign portfolio investors (FPIs) who were looking to participate in the OMO auction, and Central Bank of Nigeria’s (CBN) intervention of c. US$61.00 million to banks.
Despite the continued stability of the naira, persistent global pressures, now intensified by renewed tensions in the Middle East, remain a downside risk.
However, market expects that the Central Bank of Nigeria (CBN) to manage short-term volatility through interventions during periods of market shocks.
In the forwards market, the naira rates appreciated across the 1-month (+0.2% to N1,579.78/USD), 3-month (+0.4% to N1,636.90/USD) contracts, while it decreased on the 1-year (-0.9% to N1,904.50/USD) contract.
The rate closed flat on the 6-month contract.
Meanwhile, gross FX reserves declined for the fourth consecutive week, decreasing by US$219.56 million w/w to US$37.71 billion (June 19).
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