The naira on Wednesday recorded a marginal depreciation against the dollar in the official foreign exchange (FX) market, despite increased foreign exchange inflows into the market.
Data obtained from the Central Bank of Nigeria (CBN) showed that the naira lost 0.12 per cent or N1.80 as the dollar was quoted at N1,536.73 yesterday, compared to N1,534.93 quoted on Tuesday at the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, the local currency held steady at N1,545 per dollar.
On the same day, GTBank reduced the FX rate for international transactions to N1,543, down from N1,545 charged on Monday.
FX inflows into the country rose 24 per cent month-on-month in July 2025, regaining momentum and signalling improved investor sentiment, as non-bank corporates overtook foreign portfolio investors (FPIs) for two consecutive weeks, according to FMDQ data.
A recent report by FBNQuest shows total inflows climbed to approximately $3.8bn in July, up from $3.1bn in June. Despite the improvement, inflows remain well below the $6.7bn peak recorded in May, underlining continued volatility in FX liquidity.
FPIs remained the single largest driver of inflows overall, contributing around 45 per cent of July’s total. Offshore investor inflows rose to $1.7bn, from $1.5bn in June, reflecting tentative foreign investor interest amid favourable carry trade dynamics and relatively stable global macro conditions.
