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Naira strengthens as foreign investors drive FX inflows
['Boluwatife Oshadiya', 'Boluwatife Oshadiya Is A Nigerian Journalist', 'Communications Professional At Bizwatch Nigeria', 'Where He Contributes To Editorial Leadership', 'Business Reporting. His Coverage Focuses On Capital Markets', 'Banking', 'Finance', 'The Broader Business', 'Economic Landscape', 'Delivering Data-Driven Analysis']
BizWatchNigeria.Ng
According to Central Bank of Nigeria (CBN) daily foreign exchange data, the naira appreciated to ₦1,360.14 per US dollar from an opening rate of ₦1,365.69.
Interbank foreign exchange turnover fell 46% to $213.85 million from $393.48 million recorded at the previous Friday’s close, according to CBN data.
Foreign exchange inflows remained supported by portfolio investors.
Coronation Merchant Bank’s research subsidiary reported total weekly FX inflows of $0.83 billion, with Foreign Portfolio Investors (FPIs) accounting for $0.40 billion, or 48.11% of the total.
What’s Being SaidCoronation Merchant Bank’s research subsidiary said foreign portfolio investors remained the largest contributor to weekly FX inflows, while analysts expect the naira to remain broadly stable in the near term as external reserves provide a buffer against exchange-rate volatility.