Naira Depreciates Against Dollar as Foreign Exchange Inflow Slows

The Naira weakened against the US Dollar in the foreign exchange market due to reduced liquidity and increased demand. The Naira fell to N1,460 per dollar in the parallel market, marking a 1.4% decline.

Foreign exchange inflow slowed, with foreign portfolio investors contributing the largest share. Ayokunl Olubunmi of Agusto & Co attributed the Naira's decline to market uncertainty triggered by political statements.

The Central Bank of Nigeria reported robust foreign exchange reserves, crucial for economic stability.