The Nigerian naira depreciated against the US dollar on Monday, with its trading value falling to ₦1533.67 per dollar. This drop occurred despite a significant Central Bank of Nigeria (CBN) intervention last week, where it sold $166 million to authorized dealer banks to stabilize the currency. The intraday trading for the naira saw a high of ₦1535 and a low of ₦1532, indicating fluctuations driven by demand.
Despite the naira’s fall, the nation’s foreign reserves showed resilience, increasing to $40.72 billion. This was supported by a rise in total foreign exchange (FX) inflows, which reached $787.50 million last week, up from $732.80 million in the previous week.
According to a report from Coronation Merchant Bank, the primary source of these inflows was non-bank corporates, which contributed $227.4 million. Exporters followed with $179.6 million, while the CBN accounted for $171.2 million. Foreign Portfolio Investors (FPIs) added $167.4 million, with individual and other international sources making up the remainder.
In a separate but related economic development, the Nigerian Export Promotion Council (NEPC) announced that the country’s non-oil exports reached $3.225 billion in the first half of 2025. This marks a notable 19.59% increase compared to the same period in 2024. This growth, driven by higher global demand for products like cocoa beans and urea/fertilizer, aligns with government efforts to diversify the economy away from its traditional reliance on crude oil.
