NAIRA SETTLES AT N1,620/$ AT UNOFFICIAL MARKET AMID WEAK DOLLAR INDEX
Written by Olakunle Oke on April 17, 2025
The Nigerian currency showed signs of weakness during midweek trading at the unofficial market, despite improvements in the country’s official market.
The naira traded at N1,620 to $1, compared to N1,605 to $1 the previous day, indicating a depreciation.
However, traders remain cautiously optimistic as the spot market reflects a stronger naira value than what had been projected in the forward market. This comes despite global conditions marked by a weaker U.S. dollar index.
In terms of liquidity, the NAFEM window saw an increase in foreign exchange inflows, reaching $847 million, up from $795 million recorded the previous week.
Breakdown of sources shows:
CBN: 22.87%
Foreign Portfolio Investors: 32.26%
Non-bank Corporates: 22.0%
Exporters: 17.97%
Other Sources: 40.9%
This performance reflects growing investor confidence and improved market fundamentals, even as volatility lingers in the parallel market.
