Market News
Naira remains stable despite slowing FX inflows - BUSINESSDAY
The naira has continued to maintain stability in the foreign exchange market despite a decline in foreign exchange (FX) inflows over the past two weeks.
At the Nigerian Foreign Exchange Market (NFEM) on Monday, the naira appreciated slightly by 0.1 percent, with the dollar quoted at N1,531.95. This represents a marginal gain of N1.79 from the N1,533.74 quoted on Friday, the first trading day of August 2025, according to data from the Central Bank of Nigeria (CBN).
In the parallel market, also known as the black market, the naira closed flat at N1,560 per dollar, according to traders. Last week, the currency came under some demand pressure, falling from around N1,530 to N1,560 per dollar.
FX inflows, however, declined further, slipping to $791.10 million from $979.10 million the previous week, according to a report by Coronation Merchant Bank. Foreign portfolio investors (FPIs) remained the largest international contributors with $60.90 million, representing 7.70 percent of total inflows, while other international sources accounted for just 0.76 percent.
