Naira Maintains Uptrend Against USD, Spot Rate Rises to N1,335
The naira (NGN) exchange rate strengthened to N1,335 per US dollar (USD)at the Nigerian foreign exchange market (NFEM) on Tuesday, reflecting a strong supply versus demand level.
The official spot rate appreciated by ₦8.05/US$ to close at ₦1,335.95/US$ compared with ₦1,344.00/US$ previously recorded. Based on data from the CBN, the local currency traded within the low and high bands of ₦1,318.00/US$ and ₦1,344.00/US$, respectively.
The market expects the Naira to continue trading in line with prevailing market demand and supply dynamics, supported by an improving external reserves position
In the parallel market, the naira also gained 0.87% to ₦1,371, reflecting the trend and expectation supported by $150,000 FX sales to informal sector players.
Foreign reserves was last reported at US$47.80 billion, appreciating by +US$135.75 million. The build-up in reserves has been supported by favourable external conditions, including stronger oil-related inflows and improved FX market stability.
With supply conditions remaining supportive, constructive, and policy actions continuing to anchor confidence, reserves are expected to hold steady in the near term, Anchoria Securities Limited said.
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