The Nigerian naira started the new week on a strong note, appreciating by ₦10 against the US dollar on Monday, October 20, following slight pressure at the close of last week.
Data from the Nigerian Foreign Exchange Market (NFEM) revealed that the local currency appreciated to ₦1,465.29 per dollar at the official window — a 0.69% gain from Friday’s rate of ₦1,475 per dollar.
Updated figures from the Central Bank of Nigeria (CBN) also indicated that the naira reached an intraday high of ₦1,470 per dollar, showing a steady recovery from last week’s ₦1,482 per dollar level.
Market sources disclosed that the CBN injected $70 million into the forex market through commercial banks to boost dollar liquidity and stabilize the exchange rate.
According to Daily Trust, traders said the intervention eased demand pressures and improved overall market confidence.
FX Inflows Drop by 33% to $1.1 Billion
Despite the naira’s rebound, a report from Coronation Merchant Bank Limited showed that foreign exchange inflows into the official market fell by 33% week-on-week, to $1.1 billion.
Meanwhile, Nigeria’s external reserves saw a modest rise to $42.696 billion last week, despite ongoing oil price volatility.
Analysts attributed the increase to stronger remittance inflows and moderate oil export earnings, adding that further inflows expected in the coming days could help boost reserves and sustain exchange rate stability.
