On Tuesday, the Nigerian naira maintained a stable position in the official foreign exchange market, with the Central Bank of Nigeria (CBN) achieving its highest dollar sales within the past week.
The naira experienced a marginal decline of 0.2 percent after yesterday’s trading session at the Nigerian foreign exchange market.
Data from the Central Bank of Nigeria (CBN) quoted the dollar at ₦1,602.63 compared to ₦1,599.93 on Thursday last week.
The naira also closed flat, steadying at N1,610 per dollar in the parallel market.
The Nigerian Autonomous Foreign Exchange Market (NAFEM) window reported an inflow of $1.42 billion compared to $847 million from the previous week, as reported by Coronation Merchant Bank Research.
The CBN accounted for 50.60 percent of the total inflow. Foreign Portfolio Investors (FPIs) earned 8.61 percent; non-bank corporates brought in 25.14 percent; exporters, 12.99 percent; while other sources accounted for 2.66 percent.
Last week, the naira gained 0.24 percent week/week against the US dollar in the official spot market, closing at N1,599.93/$. 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/$.
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