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Nigeria’s naira depreciated by 0.20% amid growing dollar demand and reduced foreign portfolio inflowsForeign investors pull back as political uncertainty rises ahead of Nigeria’s 2027 electionsDomestic transactions rise, countering a 25.9% decline in foreign portfolio investment in May 2026
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s currency weakened across foreign exchange markets on Monday as growing demand for dollars and reduced foreign portfolio inflows piled pressure on the naira.
Data released by the Central Bank of Nigeria (CBN) showed the naira depreciated by about 0.20 per cent at the Nigerian Foreign Exchange Market (NFEM), closing at N1,383.6262 per US dollar, compared with N1,380.9329 recorded at the end of last week’s trading session.
The naira is hit hard amid foreign investors’ selloffs in Nigeria exchange. Credit: Picture Alliance/ContributorSource: Getty Images
The latest decline comes amid a wave of foreign investor exits from Nigeria’s
