Nigerian Naira Weakens Against Major Currencies Despite Strong Inflows

The Nigerian Naira depreciated against major currencies like the US dollar, British pound, and euro, with the unofficial exchange rate showing a decline. The Central Bank of Nigeria (CBN) provided updated rates, while foreign exchange inflows surged in recent months, providing support to the currency.

Analysts believe the Naira may face moderate downward pressure due to lower crude oil prices, as projected by David Cowan. Despite strong investor appetite and external reserves, the market remains cautious about the Naira's stability.