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The naira continued it’s upward trend, closing at N1,544.62 per US dollar on Monday, a 0.3% increase from Friday’s rate of N1,549.35 at the Nigerian Foreign Exchange Market (NFEM). According to data from the Central Bank of Nigeria (CBN), the naira’s gain was notable despite a slight decline in Nigeria’s external reserves.
The country’s external reserves dropped to $37.93 billion as of June 13, 2025, down from $38.02 billion recorded on June 11, 2024. Meanwhile, global oil prices saw a significant rebound, with Brent crude rising by 11.67% week-on-week to close at $74.23 per barrel.
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According to a report from Coronation Merchant Bank, “Brent crude saw a sharp 11.67% week-on-week increase last week, its largest weekly gain in years.” This increase narrowed Brent’s year-to-date loss to -0.55% compared to -10.95% the previous week.
The average price of Brent in 2025 now stands at $75.08 per barrel, reflecting a 5.98% decline from the 2024 average of $79.86 per barrel. Bonny Light crude also surged by 12.86% to $77.73 per barrel, trading at a premium of $3.50 per barrel over Brent.
The Coronation report noted that the naira gained N3.76 (or 0.24% week-on-week) at the NFEM, closing at N1,549.35 per dollar last week. “The appreciation was largely driven by inflows from foreign portfolio investors (FPIs), which pushed the naira to a midweek high of N1,539.72 per dollar,” the report stated.
However, the currency weakened slightly by week’s end following the CBN’s disclosure that it had injected approximately $580 million into the market in May to support the naira. In the parallel market, the naira depreciated by 0.94%, closing at N1,600 per dollar.
Foreign portfolio investors remained the dominant source of FX inflows for the fourth consecutive week, reflecting renewed confidence in the Nigerian economy. “The momentum was bolstered by the Monetary Policy Committee (MPC) meetings held on May 19 and 20, where the CBN maintained the Monetary Policy Rate (MPR), building on a credit rating upgrade in April,” the report added
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