Naira Touches N1,424 per Dollar as FX Demand Pressure Eases
The naira touched an intraday low of N1424 per dollar at the official window on Monday, reflecting the absence of FX pressures at the beginning of the New Year.
The official market recorded about a 21% decline in FX inflows last week, with total FX inflows settling at US$593.70 million from US$748.40 million in the prior week, Coronation Merchant Bank’s research subsidiary said in a report.
The daily FX update released by the Central Bank of Nigeria (CBN) showed that the official rate closed at N1429.31 per dollar on Monday, gaining 11 basis points on the day.
FX traders said there is no indication of CBN FX intervention, noting that corporate demand remains low after significant FX sales in 2025.
The CBN defended the local currency with $7.53 trillion in 2025 due to demand pressures from foreign portfolio investors that exited their positions in the financial markets. In the parallel market, the naira depreciated by 1.45%, trading at ₦1,490 per dollar. U.S. Dollar Inflow into Nigeria’s FX Market Drops by 21%
