The naira gained ground against the US dollar on Thursday, closing at ₦1,514.87/$1 at the official foreign exchange market, supported by a new round of interventions from the Central Bank of Nigeria (CBN).
The currency appreciated from its previous close of ₦1,521.46/$1, reflecting improved liquidity and reduced demand pressure. The CBN injected $15 million into authorized dealer banks to ease FX supply challenges, a move that coincided with an increase in the country’s foreign reserves.
Updated data showed reserves climbed for the ninth straight week, rising by $216.34 million to $41.46 billion—the highest level since November 2021. Analysts linked the steady build-up to inflows from foreign portfolio investors participating in CBN’s Open Market Operations (OMO) as well as contributions from exporters and corporates.
In the parallel market, the naira also strengthened slightly, gaining 0.46% to close at ₦1,538/$1 compared with ₦1,545/$1 previously. The narrow gap between the official and parallel market rates reflects improved dollar supply and stable remittance inflows.
Despite the positive trend, financial analysts warned that demand pressures could resurface toward the end of Q3 due to import obligations and corporate settlements. Cowry Asset Limited projected that while the naira may hold within its current stability band, risks of mild depreciation remain unless oil prices rebound or FX inflows accelerate.
The CBN is expected to maintain close surveillance of the market, balancing intervention measures with broader efforts to strengthen Nigeria’s external sector resilience.
