Naira Closes in the Red at ₦1,341.35/$

The foreign exchange (FX) market witnessed increased demand during Thursday’s trading session, driven by risk-off sentiment among Foreign Portfolio Investors (FPIs).

The heightened demand tilted the market toward the bid side, exerting upward pressure on rates. As a result, benchmark rates weakened across the board, shedding ₦3.24 to settle at ₦1,341.35/$.

The official window recorded increased dollar demand during the session, largely attributed to risk-off sentiment among FPIs.

The stronger demand tilted the market toward the bid side, exerting additional pressure on the naira across official benchmarks.

• NFEM VWAP: Fell by ₦3.24 to close at ₦1,341.35/$.

• CBN Closing Rate: Declined by ₦6.00, ending the day at ₦1,346.00/$.

Throughout the session, intraday trades fluctuated between a high of ₦1,350.00 and a low of ₦1,332.00.

Market analysts suggest that the naira’s near-term direction will continue to be influenced by prevailing supply-and-demand dynamics, as the apex bank maintains efforts to stabilise the foreign exchange market.