By Boluwatife Oshadiya | September 13, 2026
Key Points
- CBN sells $151 million to eligible banks to improve dollar liquidity
- Official naira rate strengthens to about ₦1,326–₦1,328 per dollar
- Parallel-market rates remain substantially weaker at about ₦1,385–₦1,410 per dollar
Main Story
The Central Bank of Nigeria (CBN) sold $151 million to eligible deposit money banks, helping the naira strengthen modestly in the official foreign exchange market to around ₦1,326–₦1,328 per dollar.
The intervention came amid renewed demand pressure for dollars and supported higher trading activity in the official market. Reports cited by Legit.ng and other Nigerian outlets indicated that transactions increased sharply in one session, with recorded deals rising from 86 to 234.
The naira appreciated to about ₦1,328.22 per dollar from approximately ₦1,329.21 previously before strengthening further to around ₦1,326.52 by the end of the week, based on Friday, September 11 and September 12 market reporting.
Trading during the relevant session was conducted within a range of roughly ₦1,322.71 to ₦1,333 per dollar, showing that the official market remained relatively stable despite underlying demand for foreign currency.
The improvement has been supported by stronger dollar liquidity and the CBN’s continued intervention in the official FX market. Nigeria’s external reserves were reported at about $54.3 billion–$54.4 billion in early-to-mid September, providing the central bank with capacity to continue supporting market liquidity.
However, the official-market improvement has not been matched in the parallel market. Reported buy and sell rates remained around ₦1,385–₦1,410 per dollar during September 11–13, leaving a sizeable gap between authorised-market transactions and informal FX pricing.
The difference means the recent appreciation should be viewed as a modest official-market improvement rather than a broad-based collapse in dollar prices.
What’s Being Said
Legit.ng reported on September 13 that the CBN had released a new exchange rate after its intervention, describing the development as the dollar being “crashed” as the naira reached a new high in the official window.
The headline reflects the direction of the movement, but the underlying data point to a relatively small appreciation of roughly ₦1–₦3 across the relevant official-market sessions rather than a dramatic collapse in the dollar.
Other Nigerian outlets, including PM News, Tribune, Business Post and Naija News, also reported the core development: increased CBN dollar supply, a stronger official-market naira rate and a continuing premium in the parallel market.
No independently verified analyst quotation was provided in the supplied material, so BizWatch Nigeria has not attributed a direct analyst quote.
What’s Next
The key test will be whether the naira can sustain its improvement as dollar demand evolves and CBN intervention continues.
Market participants will also watch external reserves, FX inflows and official-market transaction volumes for signs of whether the improved liquidity is becoming more durable.
The gap between official and parallel-market rates will remain an important indicator of underlying FX pressure and whether increased official-market supply is translating into broader market convergence.
The Bottom Line:
The CBN’s $151 million intervention has delivered a modest improvement for the naira in the official FX market, but the parallel-market premium shows that underlying dollar demand remains unresolved. The recent gains therefore signal improved liquidity rather than a definitive turnaround in the naira’s broader FX position.
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