The naira closed flat in the official foreign exchange (FX) market on Monday as Nigeria’s external reserves rose to $46.7 billion, supported by Eurobond issuance and the strongest FX inflows recorded in six months.
The local currency held steady amid rising inflows driven by renewed foreign investor interest and recent Eurobond proceeds, which have strengthened the country’s reserve position.
Data from the Central Bank of Nigeria (CBN) showed that the naira depreciated marginally by 0.4 per cent, with the dollar quoted at N1,448.03 on Monday, compared with N1,442.43 on Friday at the Nigerian Foreign Exchange Market (NFEM).