Forex naira depreciates 697m forwards mature week

It appears that the Nigerian Naira has depreciated against the US Dollar in the foreign exchange (forex) market.

Here's a breakdown of the information:

• The Naira depreciated by 697 million US Dollars.
• The depreciation refers to the value of the Naira falling against the US Dollar.
• The forward market is a market where contracts are made to buy or sell a currency at a set price on a specific date in the future.
• The forward contracts matured during the week, which means that the contracts that were made to buy or sell the Naira at a set price on a specific date in the future have now expired.

This depreciation could be due to various factors such as:

• Supply and demand imbalances in the forex market
• Changes in global economic conditions
• Political or economic instability in Nigeria
• Central bank intervention in the forex market

It's worth noting that the Nigerian Naira has been experiencing significant volatility in recent times, and the depreciation could have implications for the country's economy, trade, and investment.