Naira Slides to ₦1,355/$ as CBN Reserves Dip to $48.48bn
The naira slid to ₦1,355 per dollar on Thursday, extending a recent downward trend amid persistent FX market volatility. External reserves fell to $48.48 billion, limiting the central bank’s intervention capacity. Data reviewed by the Business Bureau show intraday trading ranged between ₦1,350/$ and ₦1,355.8/$, with 46 interbank deals recorded. A week earlier, the currency traded at ₦1,341.01/$, underscoring gradual depreciation. Global tensions in the Middle East boosted safe-haven demand for the dollar. The U.S.-Iran standoff and concerns around the Strait of Hormuz drove the dollar index to 98.82, weakening emerging-market currencies. CBN Governor Olayemi Cardoso urged focus on long-term stability over short-term swings. The central bank forecasts reserves could rise to $51 billion by 2026, hinging on improved dollar inflows and investor confidence.
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