US Dollar Depreciates in Nigerian Market, Naira Faces Fluctuations

The US Dollar experienced its first depreciation of the week in the Nigerian Foreign Exchange Market, dropping by 85 kobo against the Naira. However, the Pound Sterling and Euro appreciated in the official market.

Despite this, the parallel market segment saw a N5 depreciation of the Dollar. Analysts anticipate the Naira to trade with stronger liquidity in the coming week, supported by foreign portfolio investments and CBN policies to curb speculation.

Nigeria's external reserves rose, indicating improved economic stability. The market continues to face fluctuations due to increased demand for foreign exchange, impacting exchange rates in both official and black FX markets.