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Legit.ng

Naira slips to N1,368.22/$1 at official market as FX demand stays elevated

AI Market Summary
Nigeria's naira weakened at both official (NFEM) and parallel markets, with continued FX demand pressuring the currency despite interventions. Interbank turnover rose slightly while external reserves edged lower, pointing to persistent liquidity and balance-of-payments strain. The move also coincided with naira softness versus GBP and EUR, reinforcing near-term EM FX risk sensitivity even as the CBN frames recent stability as market-driven.
Impact level
● Low
Affected assets
NCFXUSD2IDR/USDT+0.01%
AI Insight · NCFXUSD2IDR/USDTAI Insight
▼ Bearish
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Nigeria’s naira closed at N1,368.22/$1 at the official market, weakening by N1.49 (0.11%) from the previous session. In the parallel market it fell to N1,405/$1, while GTBank’s retail rate rose to N1,374/$1. Central bank data showed interbank FX turnover increased to $58.99 million.
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