Naira trades flat, GTBank sets FX rate for international payments at N1,545

The naira closed flat on Monday at the official foreign exchange (FX) market, supported by improved liquidity that has led banks to resume international transactions using naira-denominated cards.

GTBank on Monday set its FX rate for international transactions at N1,545, aligning with the rate traded at the parallel market, commonly referred to as the black market.

In a notice to customers, the bank stated: “FX rate for international payments on your GTBank naira card today, 18-08-2025, is N1,545. Kindly note that this rate is subject to change and is updated intraday and daily, in line with prevailing market conditions.”

At the Nigerian Foreign Exchange Market (NFEM), the naira depreciated marginally by N1.16 as the dollar was quoted at N1,533.67, compared with N1,532.51 on the previous trading day, according to data published by the Central Bank of Nigeria (CBN). Over the past two weeks, it has maintained relative stability, closing at N1,533.56.

Meanwhile, the naira appreciated by 0.97 percent in the parallel market, where the dollar exchanged at N1,545 on Monday compared with N1,560 two weeks earlier.

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A report by Coronation Merchant Bank revealed that total FX inflows rose to $787.50 million last week, up from $732.80 million in the previous week.

Non-bank corporates were the highest contributors, accounting for $227.4 million (28.88%), followed by exporters with $179.6 million (22.81%). The CBN received $171.2 million (21.74%), while foreign portfolio investors (FPIs) brought in $167.4 million (21.26%). Individual sources added $37.3 million (4.73%), and other international sources made up 0.57 percent of total inflows. Notably, the CBN did not make any direct interventions during the week.

Gross external reserves increased by $431.86 million (1.07%) to $40.72 billion as of Wednesday, supported by consistent daily inflows throughout the week.

The outlook suggests that the naira is likely to trade within a relatively stable range in the near term, buoyed by sustained FX inflows from corporates, exporters, and FPIs, alongside rising external reserves. Nonetheless, exchange rate movements remain sensitive to changes in global oil prices, investor sentiment, and the CBN’s policy stance, particularly on liquidity management and market interventions.

The report further noted that the naira recorded a marginal gain against the US dollar last week. At the Nigerian Autonomous Foreign Exchange Market (NAFEM), it appreciated by 0.08 percent week-on-week, closing at N1,534.51/$1. Similarly, the parallel market remained steady, with the naira appreciating by 0.96 percent to N1,555.00/$1. As a result, the official market rate closed the week with a N22.49 (1.47%) premium over the parallel market rate.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.