The naira experienced a slight depreciation against the US dollar in the official foreign exchange (FX) market on Monday, amid a slowdown in weekly FX inflows.
Data from the Central Bank of Nigeria (CBN) showed that after Monday’s trading, the naira weakened by N1.39, with the dollar quoted at N1,536.42 compared to N1,535.03 at the close on Friday in the Nigerian Foreign Exchange Market (NFEM).
In contrast, the naira appreciated by N5 in the parallel (black) market, closing at N1,540 on Monday, up from N1,545 where it had held steady since August 18, 2025.
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Total FX inflows for the week settled at $751.70 million, down from $787.50 million recorded in the previous week, according to a report by Coronation Merchant Bank. Exporters were the largest contributors, accounting for $216.10 million (28.75%) of total inflows, followed by non-bank corporates with $203.90 million (27.24%). Foreign portfolio investors (FPIs) contributed $175.60 million (23.36%), while the CBN accounted for $137.40 million (18.27%). Inflows from individuals and other sources made up 0.50% and 1.87%, respectively.
Meanwhile, Nigeria’s gross external reserves increased by $242.08 million (0.59%), reaching $41.08 billion as of Thursday’s close, according to CBN data.
Barring any external shocks, the naira is expected to remain broadly stable within the current trading range, supported by sustained FX inflows and ongoing CBN intervention.
Last week, the naira weakened against the US dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), depreciating by 0.16% week-on-week to close at N1,535.04/$1, after hitting an intraweek low of N1,536.73/$1. The parallel market recorded a steeper decline, with the currency losing 0.65% week-on-week to settle at N1,550.00/$1.
Read also: Naira ends week steady at N1,535 amid rising FX reserves
During the week, the CBN offered a spot yield of 25.99% per annum on Open Market Operations (OMO) securities with 124 days to maturity. This rate was higher than market expectations and signals the central bank’s intent to attract and retain offshore inflows to sustain FX liquidity over the medium term.
