MON AUG 11 2025-theGBJournal| The Nigerian naira gained after trading on Monday, underpinned by relative stability in the FX market and stronger gross reserves position while investors also digest report on non-oil exports.
Non-oil exports for the first half of 2025 were valued at $3.225 billion, reflecting a 19.59% increase compared to the $2.696 billion recorded in the same period of 2024, according to latest Nigerian Export Promotion Council (NEPC) data.
As at close of the official market, the naira traded 0.3% stronger to N1,530.00/US$, shrugging off its mixed performance last week.
However, the currency closed 0.01% w/w up versus the dollar at N1,533.57.
Conversely, the parallel market weakened by 1.91% w/w closing N1,570.0/$US1, widening the premium to the official rate to N36.43/US$1 (from N5.28/US$1 the previous week).
Meanwhile, the aggregate FX inflows, moderated for the third consecutive week, settling at US$732.8 million from US$791.1 million the prior week.
Non-Bank Corporates emerged as the largest contributor to inflows, with US$295.0 million (40.26%), and surpassing Foreign Portfolio Investors (FPIs), at US$267.9 million (36.56%).
Exporters accounted for 19.45%, while individual inflows were minimal at 0.45%. Central Bank of Nigeria (CBN) recorded no direct interventions during the week, while other international sources accounted for 3.19% of the total inflows.
Gross external reserves continued its upward trajectory, rising by US$800.51 million
(+2.03% w/w) to close at US$40.16bn as of Thursday, 7 August 2025.
Notably, this is the first time since January that reserves have crossed the US$40 billion threshold. This build-up likely reflects sustained FPI inflows and a recent surge in non bank corporates.
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