The Nigerian foreign exchange landscape saw a sharp rise in U.S. dollar inflows last week as the Central Bank of Nigeria (CBN) increased its intervention efforts at the official FX window, helping to counteract mounting pressures on the naira.
A research update from Coronation Merchant Bank’s analytics division revealed that total FX inflows through the Nigerian Foreign Exchange Market (NFEM) climbed substantially to US$841.10 million, marking a 64.21% week-on-week increase compared to the US$512.20 million reported the previous week.
The breakdown showed the CBN remained the dominant contributor, responsible for 33.42% of total inflows, amounting to US$281.10 million. Non-bank corporates accounted for 23.07%, while foreign portfolio investors followed with 19.38%. Retail individuals made up 5.45%, and other minor channels contributed 2.01%.
Alongside these inflows, Nigeria’s external reserves inched up to US$44.6 billion, supported by the improved liquidity conditions. Analysts projected that the exchange rate would trade within its current range, staying below the N1,500/$1 threshold as long as intervention activities and liquidity stability persist.
The naira experienced mixed results across market segments. At the official market, the currency appreciated slightly, gaining 0.69% week-on-week to close at N1,446.74/$1. However, the parallel market told a different story, as the naira slipped by 0.34% to close at N1,470/$1, widening the gap between both markets to N23.26, up from N8.28 recorded the previous week.
In the global energy market, crude oil prices posted modest gains fuelled by supply caution and geopolitical tensions. U.S. rig counts fell to a four-year low, signalling possible supply tightness, while renewed expectations of a Federal Reserve rate cut boosted demand sentiment. Market watchers monitored developments in the Russia-Ukraine peace negotiations and anticipated decisions from the upcoming OPEC+ meeting, factors that added a layer of uncertainty to global oil projections.
Despite higher U.S. crude stockpiles, the post-Thanksgiving trading rush pushed benchmark prices upward, though gains remained fragile. Brent crude closed the week at US$63.20 per barrel, up 1.02%, narrowing its year-to-date loss to 15.33%. Its 2025 year-to-date average stands at US$68.65, which is 14.03% below the 2024 average.
Nigeria’s Bonny Light crude also posted strong performance, rising 3.13% to settle at US$66.29 per barrel, maintaining a premium of US$2.36 per barrel. Year-to-date, Bonny Light has declined by 12.18%, averaging US$71.54 per barrel in 2025.
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