The naira rose against the US dollar as the latest update from the Central Bank of Nigeria (CBN) showed that foreign reserves hit $47 billion amidst sustained FX inflows.
Foreign investors’ confidence, and inflows from exporters, non-bank corporates, and other key market participants continue to boost the supply side.
At the CBN window, the official rate strengthened further against the US dollar, appreciating by ₦3.23/US$. to close at ₦1,351.02/US$ compared with ₦1,354.25/US$ previously recorded.
Based on data from the CBN, the naira traded within the low and high bands of ₦1,349.30/US$ and ₦1,354.00/US$, respectively. The market expects the local currency to continue trading in line with prevailing market demand and supply dynamics, supported by an improving external reserves position.
Foreign reserves climbed to US$47.025 billion, the highest level reached since 2018, appreciating by +US$112.94 million due to accretion from across key sources.
Nigeria’s external reserves have maintained an upward trend since the start of the year, and analysts expect this current level to remain firm in the near term, supported by stronger foreign inflows driven by higher oil receipts, improved FPI participation, and consistent CBN FX management. Foreign Investors’ Demand Shifts African Eurobonds Yields
