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Naira Gains Further as FX Inflows Surge 74%
The Business NG
|The BusinessNG
The naira extended its multi-week rally against the US dollar last week, buoyed by a sharp 74% increase in foreign exchange inflows into the Nigerian Foreign Exchange Market (NFEM).
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The local currency appreciated by 10.67 to close at 1,528.56 per dollar at the official market on Friday, sustaining positive momentum despite limited intervention from the Central Bank of Nigeria (CBN).
According to a market update by Coronation Merchant Bank, total FX inflows rose to $1.79 billion during the week, up from $1.03 billion recorded the previous week. Foreign portfolio investors (FPIs) remained the dominant source, accounting for 66.91% of inflows, marking the seventh straight week of FPI dominance and reinforcing confidence in Nigeria's fixed income market.
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