Nigerian Naira Depreciates Slightly as FX Reserves Hit N43.34 Billion

The Nigerian Naira weakened slightly against the US Dollar, with the exchange rate easing to N1,437.29 on Monday. The drop was attributed to lower participation from foreign investors and corporations.

Meanwhile, Nigeria's gross external reserves increased by $127.10 million. Analysts from Coron Merchant Bank expect the Naira to remain relatively stable in the near term, driven by factors like corporate debt inflow and remittances.

This outlook is also supported by expectations of improved dollar supply. Traders believe any slowdown in inflow may be short-lived, with potential boosts from Eurobond proceeds and seasonal remittances.