The Nigerian naira weakened across official and parallel foreign exchange markets today after a significant drop in weekly forex inflows.
According to data from the Central Bank of Nigeria (CBN), total foreign exchange inflows declined to $648.2 million, down sharply from the prior week’s $1.39 billion.
At the official FX window, the naira traded around ₦1,349.24 per dollar, while the black market rate reached approximately ₦1,358 per dollar, reflecting a depreciation trend.
Key reasons for the slide:
• Lower FX inflows from exporters and portfolio investors.
• Continued uncertainty in global commodity prices.
• FX supply pressures in informal segments.
Investors are advised to monitor currency developments closely, as FX trends directly impact import costs, corporate earnings, and stock valuations.
According to data from the Central Bank of Nigeria (CBN), total foreign exchange inflows declined to $648.2 million, down sharply from the prior week’s $1.39 billion.
At the official FX window, the naira traded around ₦1,349.24 per dollar, while the black market rate reached approximately ₦1,358 per dollar, reflecting a depreciation trend.
Key reasons for the slide:
• Lower FX inflows from exporters and portfolio investors.
• Continued uncertainty in global commodity prices.
• FX supply pressures in informal segments.
Investors are advised to monitor currency developments closely, as FX trends directly impact import costs, corporate earnings, and stock valuations.