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- The Nigerian currency has continued its surge against the US dollar successful the authoritative overseas speech market
- The naira consolidated its crushed successful the authoritative overseas speech marketplace connected Monday, June 30, 2025, ending the period positively against the dollar
- Data from the Nigerian Foreign Exchange Market (NFEM) shows that the Central Bank of Nigeria (CBN) injected $96 cardinal into the FX marketplace past week
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.
The Nigerian currency, the naira’s value, roseate against the US dollar arsenic information showed that the Central Bank of Nigeria (CBN) injected much than $96 cardinal into the authoritative overseas speech marketplace past week.
The apex bank’s interventions boosted the FX volume, supported by continued overseas investors’ assurance successful the authoritative forex window.
Source: Getty Images
Naira vs dollar: What is driving the surge?
The dollar measurement roseate pursuing CBN’s forex interventions, supported by the ongoing overseas investors' spot successful the authoritative market.
CBN’s information shows that the authoritative overseas speech complaint appreciated to N1,529.71 per dollar connected Monday, June 30, 2025, from N1,539, frankincense ending the period powerfully against the US greenback.
Market Forces Africa reported that past week, the naira rallied by N8.13 against the dollar astatine the Nigerian Foreign Exchange Market (NFEM), closing astatine N1,539.23 per dollar.
How bash overseas investors assistance the naira?
The sustained naira appreciation was boosted by inflows from overseas portfolio investors (FP1s) during the week, non-bank firm and exporters, the study said.
Also, the naira appreciated successful the parallel marketplace against the dollar by 1.90%, closing astatine N1,575.
Last week, forex inflows into the overseas speech marketplace deed $1.03 billion, a study by Coronation Research said.
Foreign portfolio investors (FPIs) remained the main contributors for the sixth consecutive week, comprising 36.98% of the total, showing continued overseas investors' assurance successful the Nigerian fixed income market.
Analysts explicate the main FX sources
Non-bank businesses intimately followed astatine 27.56%, with exporters making up 22.39% and different sectors contributing 13.06%.
Oil prices stay volatile
Experts person raised immoderate concerns astir lipid prices and accumulation figures and their effect connected forex inflow from lipid sales.
They disclosed that if capitalist involvement successful fixed income assets is maintained, it could anchor sentiment; however, further stableness could beryllium based connected the overseas reserves accretion and the CBN’s ongoing involution strategy.
Legit.ng antecedently reported that Brent crude dipped to astir $68 per barrel, portion WTI sold somewhat supra $65, some down from past week’s highs.
Nigeria’s Bonny Light remained resilient, selling adjacent to $81 per barrel, CBN information says.
Source: Twitter
Nigeria’s overseas reserves ended the week astatine $37.37 billion, rising by astir 0.78% from the erstwhile week’s $37.66 cardinal owed to caller inflows.
The study disclosed that crude lipid prices recorded a play loss, caused by easing Middle East tensions, which person lowered fears of proviso disruptions.
CBN crashes the dollar for importers
Legit.ng earlier reported that the Nigerian currency rallied against the US dollar for 2 consecutive days connected Thursday, June 26 and Friday, 27, 2025, closing the week beardown successful the authoritative window.
The naira appreciated pursuing the involution of the Central Bank of Nigeria successful the overseas speech market.
At the adjacent of trading connected Friday, June 27, the section currency inched higher, closing astatine N1,537.90 against the US greenback from N1,547 per dollar, the erstwhile day.
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Source: Legit.ng
