The Nigerian naira began the week on a strong note, appreciating by ₦10 against the US dollar on Monday, October 20, after facing pressure toward the end of last week.

Data from the Nigerian Foreign Exchange Market (NFEM) revealed that the naira strengthened to ₦1,465.29/$ at the official window — a 0.69% gain compared to Friday’s rate of ₦1,475/$.

Updated figures from the Central Bank of Nigeria (CBN) also showed that the currency hit an intraday high of ₦1,470/$, indicating a steady rebound from the ₦1,482/$ rate recorded at the end of last week.

Market sources confirmed that the CBN intervened with a $70 million sale to commercial banks, boosting dollar supply and helping to stabilise the exchange rate.

According to Daily Trust, traders noted that the move reduced demand pressure and improved overall market confidence.

FX Inflows Drop 33% to $1.1 Billion

Despite the naira’s appreciation, a report from Coronation Merchant Bank Limited revealed that foreign exchange inflows into the official market fell by 33% week-on-week, declining to $1.1 billion.

Meanwhile, Nigeria’s external reserves recorded a modest uptick, rising to $42.696 billion last week, despite fluctuations in global oil prices.

Analysts attributed the increase to stronger remittance inflows and moderate oil export receipts, adding that further inflows in the coming days could enhance foreign exchange stability and strengthen the nation’s reserves.