Market News
Naira flat as interbank transactions boost FX liquidity - BUSINESSDAY
By Hope Moses-Ashike
The naira traded largely flat against the dollar across the foreign exchange (FX) market segments on Tuesday, as increased interbank transactions supported liquidity amid rising external reserves.
Data published by the Central Bank of Nigeria (CBN) showed that the naira depreciated marginally by 49 kobo, with the dollar quoted at N1,375.41 on Tuesday, compared to N1,374.92 on Monday at the Nigerian Foreign Exchange Market (NFEM).
Total turnover in the interbank segment rose to $73.59 million on Tuesday, representing a 31.91% increase from $55.79 million recorded on Monday. Interbank deals also jumped by 54.93%, rising from 71 transactions on Monday to 110 deals on Tuesday.
At the NFEM window, however, total turnover declined by 59.03% to $175.34 million on Monday, down from $428.01 million on Friday. The number of deals at the window also fell to 217 on Monday from 248 recorded on Friday.
In the parallel market, also known as the black market, the naira traded steady at between N1,393 and N1,395 per dollar on Tuesday.
Nigeria’s external reserves rose by $930 million to $49.25 billion as of May 25, 2026, from $48.32 billion recorded on May 7, 2026.
Olayemi Cardoso said gross external reserves stood at $49.49 billion as of May 15, 2026, compared with $48.35 billion at the end of March 2026, enough to cover 9.04 months of imports.
