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.

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