Nigerian Naira Strengthens to N150.6 Amid Reduced FX Pressure - CBN Update

The Nigerian Naira has appreciated to N150.6 per dollar, attributed to reduced foreign exchange (FX) pressure, as per the Central Bank of Nigeria (CBN) NFEM update. The spot rate settled at this level in the official window, with analysts projecting continued strength due to sufficient US dollar liquidity.

Last week, the Naira appreciated by close to 1% in the NAFEM, while the parallel market rate remained stable. Total FX inflow reached US$1 million, with Foreign Portfolio Investments leading the inflows.

The CBN intervened with US$1 million, and exporters and corporates also contributed. This appreciation is supported by sustained inflows, boosting the external reserves.