Naira Slides as FX Pressure Lingers in Currency Market
Marking second depreciation, the Nigerian local currency, the naira, weakened against the US dollar on Tuesday as FX pressures in the currency market lingered.
The spot rate weakened versus the previous day, according to data from the Central Bank showing trades were consummated at a weighted average of N1,438. 71 per dollar.
The official exchange rate touched an intraday high of N1,440.89, which signals pressures were minimal on Tuesday when compared with N1,442 quoted for a similar period on Monday.
The best fx deal for foreign payment was closed at the intraday low of N1436, a slight depreciation from N1435 per dollar in the previous day.
In the parallel market, the naira remained flattish at ₦1,440/$, underscoring continued disparity between official and unofficial exchange rate channels.
Elsewhere, Nigeria’s external reserves recorded additional inflows that lifted the gross balance to $43.366 billion, up from $43.348 billion.
The naira is expected to remain stable in the near term, supported by steady foreign exchange inflows and improving market sentiment.
Stronger non-oil export earnings, increased investor participation, and healthy external reserves are likely to sustain liquidity and bolster confidence in the currency. #Naira Slides as FX Pressure Lingers in Currency Market GCR Assigns IR Rating of AA+ to Lagos State Govt’s N200bn Bond
