Market News

The naira closed flat on Tuesday at the official foreign exchange (FX) market following an improvement in liquidity.

After trading on Tuesday, the naira appreciated slightly against the dollar by N5.53 to N1,598.95, marking a gain of 0.4 percent compared to N1,604.48 closed on Monday at the Nigerian Foreign Exchange Market (NFEM), data from the Central Bank of Nigeria (CBN) indicated.

Currency dealers quoted the dollar at the highest rate of N1,605 on Tuesday, stronger than N1,630 quoted on Monday. The FX market recorded the lowest rate of N1,590 per dollar on Tuesday, slightly stronger than N1,593 closed the previous day at the NFEM.

In the parallel market, popularly called black market, the naira also appreciated slightly by N3 as the dollar was quoted at N1,613 on Monday from N1,610 quoted on Monday.

The NAFEM window recorded an inflow of US$847mn compared to US$795mn from the previous week. The CBN accounted for 22.87 percent of the total inflow, Foreign portfolio investors (FPIs) 32.26 percent, non-bank corporates 22.0 percent, exporters 17.97 percent, while other sources accounted for 4.90.

In the foreign exchange market last week, the Naira lost 2.35 percent week/week against the US dollar in the official spot market, closing at N1,603.78/US$1, according to a report by Coronation Research.

The 1-month forward rate closed at N1,670.42/US$1. The 3-month forward contract rate closed at N1,752.18/US$1. The 6-month forward contract closed at N1,870.78/US$1 The 1-year forward rate closed at N2,087.66/US$1.

At the parallel market, the Naira gained 3.85 percent against the dollar, closing at N1,620.00/US$1 on Friday April 11,2025.

According to data from CBN, the gross foreign reserves decreased by 0.32 percent w/w to close at US$38.03bn as of April 10, 2025. Turning to the Chinese Yuan, the Naira lost 1.41 against the Chinese Yuan (CNY), to close at N218.19CNY/N.