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Naira depreciated slightly to N1,363.83 per dollar amid limited US dollar liquidity pressuresForeign portfolio investors dominate FX inflows, contributing over half of total funds at $0.51 billionNigeria’s foreign reserves rose to $50.43 billion, indicating a strengthened external position and potential exchange rate stability
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigerian naira began the new trading week on a weaker note despite a surge in foreign exchange inflows driven largely by foreign portfolio investors.
Data from the Nigerian foreign exchange market (NFEM) showed that the local currency depreciated slightly last week as pressure from limited US dollar liquidity continued to weigh on the market.
Traders quote a new rate for the naira amid a fall in inflows in the FX market. Credit: Picture Alliance/ContributorSource: Getty Images
The naira closed at N1,363.83 per dollar at the official market, compared to N1,362.21 recorded in
