…FX reserves up by US$146.50 million
SAT JULY 18 2026-theGBJournal| The naira depreciated by 0.4% w/w to N1,385.00/USD, as increasing demand pressures undermined the CBN’s USD350.00 million intervention.
The naira, according to analysts at Cordros, say is likely to face moderate near-term pressure from increased FX demand following Dangote Refinery’s shift to US dollar-denominated fuel sales.
”Nonetheless, depreciation is expected to remain contained, supported by resilient foreign portfolio investment (FPI) and local inflows, alongside measured CBN interventions..” they project.
In the forwards market, the naira rates depreciated across the 1-month (-0.2% to N1,403.74/USD), 3-month (-0.2% to N1,442.88/USD), 6-month (-0.2% to N1,499.19/USD) and 1-year (-0.1% to N1,611.34/USD) contracts.
Meanwhile, gross external reserves increased by USD146.50 million to USD51.92 billion (17 July 2026), marking its tenth consecutive week of growth.
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