The naira depreciated at the official foreign exchange window on Monday, retreating amid tightening FX supply and increased demand for external payments. This came despite renewed dollar injections totalling US$186.60 million sold to commercial banks last week.
According to daily FX figures released by the Central Bank of Nigeria (CBN), the currency slipped to N1,448.4355/$1, losing approximately N2 from the previous rate of N1,446.7421/$1.
Trading reports indicated that the official window saw heightened pressure as the intraday spot rate rose to N1,452/$1. The lowest intraday trade was recorded at N1,445/$1, unchanged from the previous week, hinting that sustained CBN interventions helped moderate volatility.
This development occurred as the Nigerian FX market posted a significant rise in U.S. dollar inflows, climbing 64% week-on-week to hit US$841.10 million, according to an update from Coronation Merchant Bank’s research division.
CBN accounted for 33.42% of the inflows, contributing US$281.10 million, followed by non-bank corporates (23.07%), foreign portfolio investors (19.38%), individuals (5.45%), and other minor sources (2.01%).
Despite the injections, the naira continues to face structural constraints driven by rising demand for school fees, medical payments, and import-related obligations.
