Nigerian Naira Stable as Weekly FX Inflows Decline by 15.7%

The Nigerian Naira saw minimal movement in the foreign exchange market as weekly inflows dropped by 15.7%, leading to a slight depreciation against the dollar. The Central Bank of Nigeria reported a decrease in inflows, mainly attributed to reduced participation from foreign investors.

The official exchange rate depreciated by 1.03% while the parallel market rate weakened by 1.71%, widening the premium between the two markets. Nigeria's gross external reserves saw a modest increase, supported by record inflows.