• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Naira Ends Week With Gains Despite Slowing FX Reserves

2 months ago
in Business, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
63
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Naira Ends Week With Gains Despite Slowing FX Reserves

The Nigerian Naira has shown some recovery, ending the week on a positive note even though gross reserves declined for the fourth consecutive week, decreasing by $219.56 million w/w to $37.71 billion as of June 20, data obtained from the Central Bank of Nigeria (CBN) show.

The naira gained N2 on Friday, appreciating from 1,549.41 on Thursday to 1,547.36, supported by increased supply from foreign portfolio investors who were looking to participate in the OMO auction, and CBN’s intervention of $61 million to banks.

Though the currency began the week with some gains, it depreciated for three straight days before budging on Friday as the apex bank’s support to the market paid off.

The local unit has continued to maintain stability even in the face of global pressures that have continued to rattle emerging markets’ currencies and slowing dollar inflows.

Analysts at Lagos-based Cordros Research said despite the continued stability of the naira, persistent global pressures, now intensified by renewed tensions in the Middle East, remain a downside risk.

“We expect the Central Bank of Nigeria (CBN) to manage short-term volatility through interventions during periods of market shocks,” the analysts wrote in a note on Friday.

RelatedPosts

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Nigeria’s 1.6 Million Container Trade Far Less Than it’s Ports Potential – Logistics Expert

In the forwards market, the naira rates appreciated across the 1-month (+0.2% to NGN1,579.78/USD), 3-month (+0.4% to NGN1,636.90/USD) contracts, while it decreased on the 1-year (-0.9% to NGN1,904.50/USD) contract. The rate closed flat on the 6-month contract.

Analysts say the exchange rates’ position is mixed due to the heightened tensions in the Middle East. While there are upsides in oil prices with Brent crude surging more than $74 per barrel with potentials to hit $80, the future of the currency seems bright.

Source: businessdayng
Via: norvanreports
Tags: FX reservesnairaNaira Ends Week With Gains Despite Slowing FX Reserves

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Inside Details of Presco’s $172m Acquisition of SOP, Ghana Oil Palm Firm

Africa’s Richest Economy’s Currency Hits Nine-Month High as Fed’s Dovish Signal Weakens Dollar

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

Senegal and Mercedes-Benz Partner to Build Trucks

INTERPOL Recovers Over $90 Million From African Crime Syndicates

Trending

Features

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

August 23, 2025

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul In the heart of West...

The 10 Fastest-Growing Trading Nations in Africa

August 23, 2025

Nigeria’s 1.6 Million Container Trade Far Less Than it’s Ports Potential – Logistics Expert

August 23, 2025

Inside Details of Presco’s $172m Acquisition of SOP, Ghana Oil Palm Firm

August 23, 2025

Africa’s Richest Economy’s Currency Hits Nine-Month High as Fed’s Dovish Signal Weakens Dollar

August 23, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.