Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian currency, the naira’s value, rose against the US dollar as data showed that the Central Bank of Nigeria (CBN) injected more than $96 million into the official foreign exchange market last week.

The apex bank’s interventions boosted the FX volume, supported by continued foreign investors’ confidence in the official forex window.

The dollar volume rose following CBN’s forex interventions, supported by the ongoing foreign investors' trust in the official market.

CBN’s data shows that the official foreign exchange rate appreciated to N1,529.71 per dollar on Monday, June 30, 2025, from N1,539, thus ending the month strongly against the US greenback.

Market Forces Africa reported that last week, the naira rallied by N8.13 against the dollar at the Nigerian Foreign Exchange Market (NFEM), closing at N1,539.23 per dollar.

The sustained naira appreciation was boosted by inflows from foreign portfolio investors (FP1s) during the week, non-bank corporate and exporters, the report said.

Also, the naira appreciated in the parallel market against the dollar by 1.90%, closing at N1,575.

Last week, forex inflows into the foreign exchange market hit $1.03 billion, a report by Coronation Research said.

Foreign portfolio investors (FPIs) remained the main contributors for the sixth consecutive week, comprising 36.98% of the total, showing continued foreign investors' confidence in the Nigerian fixed income market.

Non-bank businesses closely followed at 27.56%, with exporters making up 22.39% and other sectors contributing 13.06%.

Experts have raised some concerns about oil prices and production figures and their effect on forex inflow from oil sales.

They disclosed that if investor interest in fixed income assets is maintained, it could anchor sentiment; however, further stability could be based on the foreign reserves accretion and the CBN’s ongoing intervention strategy. 

Legit.ng previously reported that Brent crude dipped to about $68 per barrel, while WTI sold slightly above $65, both down from last week’s highs.

Nigeria’s Bonny Light remained resilient, selling close to $81 per barrel, CBN data says.

Nigeria’s foreign reserves ended the week at $37.37 billion, rising by about 0.78% from the previous week’s $37.66 billion due to new inflows.

The report disclosed that crude oil prices recorded a weekly loss, caused by easing Middle East tensions, which have lowered fears of supply disruptions.

Legit.ng earlier reported that the Nigerian currency rallied against the US dollar for two consecutive days on Thursday, June 26 and Friday, 27, 2025, closing the week strong in the official window.

The naira appreciated following the intervention of the Central Bank of Nigeria in the foreign exchange market.

At the close of trading on Friday, June 27, the local currency inched higher, closing at N1,537.90 against the US greenback from N1,547 per dollar, the previous day.

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Source: Legit.ng