Skip to content

Live On Air

🎧 Listen Live 🔴

  • Home
  • Classic TV
  • Shows
  • The Crew
  • News
  • Events
  • Competitions

Naira Slips Slightly as FX Inflows Drop by 9%

Business

Naira Slips Slightly as FX Inflows Drop by 9%

The naira slightly weakened against the US dollar on Monday in the official foreign exchange market, due to reduced market liquidity.

Data from Coronation Merchant Bank’s research department showed that the Nigerian Foreign Exchange Market (NFEM) saw a total inflow of $668 million last week—a 9% drop from the $735 million recorded the week before.

At the end of Monday’s trading, the naira depreciated by 0.2% with the dollar quoted at ₦1,605.62, compared to ₦1,602.18 on Friday, according to figures from the Central Bank of Nigeria (CBN).

However, in the parallel (black) market, the naira appreciated slightly, trading at ₦1,600 on Monday, a ₦5 gain from ₦1,605 the previous Friday.

Breakdown of total forex inflow showed that the CBN contributed 27.73%, foreign portfolio investors 9.22%, non-bank corporates 33.43%, exporters 24.34%, and other sources 5.28%. Nigeria’s gross foreign reserves rose 0.36% week-on-week to $37.93 billion as of April 30, 2025.

Against the Chinese yuan, the naira fell by 0.40%, closing at ₦220.31/CNY.

In weekly performance, the naira slipped 0.17% against the dollar in the official spot market, closing at ₦1,602.18 per dollar. Forward rates reflected continued pressure, with the 1-month forward closing at ₦1,646.57, 3-month at ₦1,724.19, 6-month at ₦1,837.00, and 1-year at ₦2,056.24 per dollar. Meanwhile, the black market rate was unchanged from the previous week at ₦1,610.00 per dollar.

READ ANOTHER RECENT STORY https://classic97.net/flick-confident-barcelona-will-recover-after-ucl-exit/

More Posts

U.S. Now Requires Nigerian Student Visa Applicants to Make Social Media Public

U.S. Now Requires Nigerian Student Visa Applicants to Make Social Media Public

Read More »
Sudan Resumes League Football After Two-Year Hiatus

Sudan Resumes League Football After Two-Year Hiatus

Read More »
Nigerian Banks Restore Naira Cards for Global Transactions

Nigerian Banks Restore Naira Cards for Global Transactions

Read More »
Tinubu Urges Global Reforms for Developing Nations

Tinubu Urges Global Reforms for Developing Nations

Read More »
  • 2025 Copyright © Megalectrics Limited
  • Privacy Policy
  • Terms
Facebook-f Instagram Twitter Youtube
Facebook-f Instagram Twitter Youtube
  • Copyright © 2022 Megalectrics Limited
  • Listen Live

Live On Air

  • About Us
  • Shows
  • News
  • Classic TV
  • The Crew
  • Contact Us

Classic 97.3 FM

LAGOS

26 Keffi Street, Off Awolowo Road, Ikoyi, Lagos

  • Port-Harcourt
  • Abuja
  • Privacy Policy
  • Terms
  • 2025 Copyright © Megalectrics Limited
Facebook-f Instagram Twitter Youtube
  • Listen Live

Live On Air

  • Home
  • About Us
  • Classic TV
  • Shows
  • The Crew
  • News
  • Contact Us
Facebook-f Instagram Twitter Youtube
  • Privacy Policy
  • Terms
  • Copyright © 2022 Megalectrics Limited