SAT MARCH 29 2025-theGBJournal| The exchange rate gap between the official and parallel markets narrowed to N21.34 as the naira depreciated to N1,538.66/US$ in the official market, while the parallel market rate remained at N1,560/US$.
Despite the Central Bank’s efforts to supply dollars and stabilize the market, the naira continues to decline gradually. Analysts expect the Central Bank of Nigeria (CBN) to remain active in the FX market to prevent rapid depreciation.
Foreign portfolio investors remain attracted to Nigeria’s high-interest-rate environment, focusing on OMO bills. As a result, foreign reserves increased to $38.322 billion despite oil price fluctuations.
In the forwards market, the naira rates rose across the 1-month (+0.5% to N1,572.44/USD), 3-month (+1.3% to N1,635.09/USD), 6-month (+2.4% to N1,727.16/USD) and 1-year (+4.8% to N1,899.27/USD) contracts.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
