The Nigerian naira registered notable gains in the official foreign exchange market as the Central Bank of Nigeria (CBN) intensified its FX interventions amid rising external reserves, bolstering investor confidence and easing pressure on the local currency.
The official exchange rate appreciated sharply following an additional round of FX injections, reflecting improved dollar availability for clearing eligible transactions. While the CBN did not officially publish the volume sold during the latest intervention, market sources confirmed that the Apex Bank supplied $150 million on Friday, pushing last week’s total FX support to $400 million.
According to updated figures released by the CBN, the official spot rate strengthened by 0.52%, closing at N1,446.32/$, an improvement from N1,453.84 the previous day.
Intraday charts showed the naira trading as high as N1,455 per dollar, a significant improvement from N1,462.50 quoted for international payments a day earlier. Some investment and commercial banks reported trades touching N1,441, marking the strongest intraday level.
The trading pattern suggested reduced pressure on the currency, echoing improved liquidity as the Central Bank maintains consistent intervention to stabilize the forex ecosystem.
However, the naira weakened in the parallel market, depreciating by 1.30% to N1,475/$, highlighting the persistent gap between the managed official window and the market-driven informal segment.
Meanwhile, Nigeria’s external reserves climbed to $44.459 billion as of Monday, supported by sustained inflows from crude oil sales, remittances, and other FX sources. Month-to-date, reserves have risen by $1.262 billion, up from $43.197 billion at the end of October.
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