The naira appreciated to ₦1,514 per dollar at the official foreign exchange market on Thursday, supported by improved dollar liquidity from the Central Bank of Nigeria’s (CBN) latest intervention.
Data from the CBN showed the spot rate closed at ₦1,514.87, firmer than the previous day’s ₦1,521.46. The appreciation followed the apex bank’s sale of $15 million to authorised dealer banks, aimed at easing demand pressures.
The development coincided with sustained growth in the country’s external reserves, which rose by $216.34 million week-on-week to $41.46 billion — the highest since November 2021, marking nine consecutive weeks of increases.
Market analysts attributed the gains partly to inflows from foreign portfolio investors participating in the CBN’s OMO auction, alongside contributions from exporters and non-bank corporates.
Despite the rebound, analysts at Cowry Asset Limited cautioned that renewed pressure could emerge toward the end of Q3, as demand for dollars typically rises due to import settlements and corporate obligations. They projected the naira to remain within a fragile stability band, with risks tilted toward mild depreciation unless oil prices recover strongly or FX supply improves further.
In the parallel market, the naira also firmed by 0.46 percent, closing at an average of ₦1,538/$1 compared with ₦1,545/$1 previously. The slight convergence between official and parallel rates reflected improved market liquidity, supported by steady remittance inflows and moderated demand.
Analysts, however, warned that sustaining the current stability may be difficult given Nigeria’s fragile external sector and volatility in global oil markets — the country’s key source of FX earnings.
