Naira Depreciates Against Dollar, CBN Releases New Rates, Foreign Reserves Rise

The Nigerian Naira has depreciated against the US dollar, with the Central Bank of Nigeria (CBN) releasing new exchange rates. The official market closed at N1,470.26 to $1, while the parallel market saw a weaker performance.

Nigeria's foreign reserves increased by $150.99 million to $42.41 billion in the first week of October, contributing to investor confidence. Notably, AIICO Capital mentioned robust liquid inflow from offshore investors.

The exchange rate stability indicates growing confidence in the country's FX market.