Nigerian Naira Weakens Despite Reserve Gains; Foreign Reserves Reach $43.32 Billion

The Nigerian Naira depreciated to N1,438.5/$1 at the official market despite reserve gains, with the parallel market showing marginal appreciation. Foreign reserves increased to $43.32 billion, reflecting the success of CBN policies in improving oil revenue inflow and investor participation.

The fluctuating exchange rates indicate pressure from upcoming demands for dollars ahead of festive and election seasons.