Published April 23, 2025
By Becky Obaro
The naira closed flat on Tuesday at the official foreign exchange (FX) market, as the Central Bank of Nigeria (CBN) recorded the highest dollar sale in one week.
After trading yesterday at the Nigerian Foreign Exchange Market (NFEM), the naira depreciated slightly by 0.2 per cent.
The dollar was quoted at N1,602.63 compared to N1,599.93 last week Thursday, according to CBN data.
The naira also closed flat, steadying at N1,610 per dollar in the parallel market.
The Nigerian Autonomous Foreign Exchange Market (NAFEM) window recorded an inflow of $1.42 billion compared to $847 million from the previous week, as reported by Coronation Merchant Bank Research. The CBN accounted for 50.60 per cent of the total inflow. Foreign Portfolio Investors (FPIs) earned 8.61 per cent; non-bank corporates brought in 25.14 per cent; exporters, 12.99 per cent; while other sources accounted for 2.66 per cent.
Last week, the naira gained 0.24 per cent week/week against the US dollar in the official spot market, closing at N1,599.93/$. The one-month forward rate closed at N1,642.03/$, with the 3-month forward contract rate closing at N1,720.49/$. The six-month forward contract closed at N1,802.37/$ as the one-year forward rate traded at N1,979.27/$.
