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Naira Trades Flat, CBN Records Highest Dollar Sales
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9/7/2025, 5:00:00 PM
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4/23/2025, 8:54:04 AM
By Eniekenemi Atoukudu - 4/23/2025, 8:43:06 AM
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The naira remained largely stable on Tuesday at the official foreign exchange (FX) market, as the Central Bank of Nigeria (CBN) recorded its highest dollar sale in a week. Following trading at the Nigerian Foreign Exchange Market (NFEM), the naira dipped slightly by 0.2 percent. According to CBN data, the dollar was quoted at N1,602.63, up from N1,599.93 last Thursday. In the parallel market, the naira also held steady, closing flat at N1,610 per dollar. At the Nigerian Autonomous Foreign Exchange Market (NAFEM), inflows totaled $1.42 billion, up from $847 million the previous week, according to Coronation Merchant Bank Research. The CBN contributed 50.60% of the total inflow. Foreign Portfolio Investors (FPIs) made up 8.61%, non-bank corporates 25.14%, exporters 12.99%, and other sources 2.66%. Last week, the naira appreciated by 0.24% week-on-week at the official spot market, ending at N1,599.93/$. The one-month forward rate closed at N1,642.03/$, the three-month at N1,720.49/$, the six-month at N1,802.37/$, and the one-year forward rate settled at N1,979.27/$.
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