Nigerian Naira Strengthens Despite Decline in Weekly Inflow

The Nigerian Naira appreciated against the US Dollar, British Pound, and Euro in the official and parallel markets. The Naira closed at N1,463.45 per dollar on Tuesday, showing resilience despite a 32.9% decline in weekly inflow.

The drop in the Nigerian Foreign Exchange Market (NFEM) was attributed to weaker market inflow, with foreign portfolio investors and non-bank corporates contributing significantly. Foreign Direct Investment (FDI) fell sharply, impacting total inflow.

Analysts cited investor caution in Nigeria's macroeconomic environment as a reason for the decline. Source: legit.ng.