The Central Bank of Nigeria (CBN) has intensified its efforts to stabilise the naira by injecting $50 million into the official foreign exchange market, a move designed to address the recent pressure on the local currency.
On Tuesday, the apex bank sold foreign currency to authorised dealer banks at exchange rates ranging from ₦1,581.92 to ₦1,585.00 per US dollar. This intervention follows last week’s $190 million injection, which had initially eased pressure on the naira but whose effects have started to wane.
CBN’s recent action comes in response to rising demand for dollars, which led to a depreciation of the naira in the Nigerian Foreign Exchange Market (NFEM), where the exchange rate fell to ₦1,583.73 from ₦1,579.40. Market participants noted that despite strong inflows from exports that temporarily supported the naira, renewed dollar demand has reignited downward pressure.
In the parallel market, the naira traded at ₦1,620 against the greenback, amid speculation that the CBN might halt its $35,000 weekly sales to Bureau De Change (BDC) operators by May 2025, further tightening the FX supply outlook.
Internationally, the US Dollar Index fell below 99 on Tuesday, marking its weakest level in over a month. Analysts attribute this decline to growing concerns about the United States’ fiscal policy direction and increasing uncertainty surrounding President Donald Trump’s evolving trade stance.
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