The Nigerian naira came under renewed pressure at the Nigerian Foreign Exchange Market (NFEM) on Tuesday, sliding to its weakest level in months as surging dollar demand outstripped supply.
Central Bank of Nigeria (CBN) data revealed that the official exchange rate fell to ₦1,537.90 per dollar from ₦1,535.92 the previous day. At one point during intraday trading, the rate hit ₦1,543, reflecting heightened corporate demand for the greenback despite recent interventions.
Analysts noted that the CBN had injected a total of $150 million into the market in two separate tranches last week. However, these interventions failed to cool demand pressures, sparking speculation that additional forex sales could be implemented in the coming days.
Foreign exchange inflows into the official market continued to weaken, falling for the third consecutive week. Total inflows last week stood at $732.8 million — a sharp drop from $91.1 million the previous week.
Non-bank corporates accounted for the largest share of inflows at $295 million, followed by foreign portfolio investors (FPIs) with $267.9 million. Exporters contributed 19.45% of inflows, while individual remittances were minimal at 0.45%. Other international sources represented 3.19%.
Meanwhile, updated CBN figures showed Nigeria’s external reserves had climbed to $40.229 billion — the highest since January — largely supported by sustained portfolio inflows and strong non-bank corporate participation.
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