Naira weakens on Official Market despite CBN Intervention

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The Naira closed the past week weaker, depreciating 0.14% week-on-week to settle at 1,532.34/$ at the Nigerian Foreign Exchange Market. Despite a four-month high of 1,518.88/$ on the first trading day, the Naira fluctuated, weakening to 1,533.11/$ before closing at 1,532.34/$.

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Analysts attribute the naira’s stability to the Central Bank of Nigeria’s intervention and improved foreign exchange liquidity. Cowry Assets Management Limited noted, “The divergent movements reflect ongoing supply-demand imbalances and the evolving FX liquidity landscape.” However, they expect the Naira to record further gains due to improved oil output and elevated prices driving higher dollar inflows

Recent data shows Nigeria’s average daily crude oil production rose 3.6% to 1.51 million barrels per day in June 2025, meeting it’s OPEC production quota for the first time in five months. AIICO Capital Limited stated, “Dollar sales early and late in the week helped maintain relative stability.”

The Monetary Policy Committee’s decision is expected to impact the Naira’s range. Analysts are divided, with some calling for a modest rate cut and others warning of premature easing. Comercio Partners noted, “For now, traders are positioning around the edges, but the real signal will come from the tone of the communique

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