Nigeria’s foreign reserves dropped to $38.02 billion as of June 11, 2025, according to the latest data from the Central Bank of Nigeria (CBN).
At $38.02 billion, the foreign exchange buffer has depreciated by $427 million so far in June, when it opened at $38.45 billion.
As the foreign reserves continue to depreciate, the Naira at the foreign exchange market is also down by 0.5 per cent in its week-on-week performance to N1,557.19 against the dollar as the CBN made no interventions.
In the forwards market, the naira rates appreciated across the 1-month (+1.4 per cent to N1,583.16/dollar), 3-month (+2.0 per cent to N1,642.65/dollar), 6-month (+3.0 per cent to N1,724.76/dollar) and 1-year (+4.8 per cent to N1,887.05/dollar) contracts.
Analysts at Cordros Research noted that “We note the improved inflows from Foreign Portfolio Investors (FPIs), which have primarily contributed to the stability of the naira.
“However, persistent global pressures, which have now been exacerbated by the renewed tensions in the Middle East, remain a downside risk to sustained inflows and naira stability.
“Nonetheless, we expect the CBN to manage volatility in the short term through its intervention in periods of shocks.”
Meanwhile, the Treasury bills secondary market traded with bearish sentiments as the average yield across all instruments advanced by 32 basis points to 23.3 per cent.
Across the market segments, the average yield declined by five basis points to 20.6 per cent in the NTB segment, while it advanced by 14 basis points to 26 26per cent in the OMO segment.
Analysts at Cordros Research added that, “Following our projections of an improved liquidity position, we expect this to spur demand for bills, causing yields to decline.
“Additionally, the DMO is scheduled to conduct an NTB PMA next Wednesday (18 June) with N162.02 billion worth of bills on offer. At the auction, we expect rates to slightly taper.”
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