Nigerian naira stable at N1,483.99/$1 as $925m oil loan boosts dollar inflows. External reserves rise to $32.79bn, but the black market rate is N1,495/$1.
The Nigerian Naira maintained stability at the close of the week, buoyed by a surge in dollar inflows attributed to additional oil facilities worth $925 million. At the official foreign exchange market, the dollar traded flat at N1,483.99, marking a marginal improvement of 0.13% compared to the previous week.
The increased dollar liquidity was evident in the rise of dollar sales by willing sellers and buyers, soaring by 26.23% to $269.27 million on Friday alone. Total dollar sales throughout the week reached $1.05 billion, contributing to enhanced market liquidity.
Nigeria's external reserves, a critical measure of its economic strength, also experienced a positive trend, closing at $32.794 billion on Friday, reflecting a 0.31% increase from the previous week. This bolstered the Central Bank of Nigeria's capacity to defend the Naira amidst market fluctuations.
However, on the parallel market, the Naira depreciated by 1.00%, closing at N1,495 per dollar. Despite this, daily trading remained steady at the same rate, indicating resilience in the face of external pressures.
