The Central Bank of Nigeria (CBN) has intervened in the foreign exchange (FX) market with a sale of $52 million to authorized dealer banks in a bid to strengthen naira stability and improve dollar liquidity.
Fresh spot FX data revealed that the local currency gained ground following the intervention, as increased supply of the U.S. dollar helped ease market pressure. Analysts at AIICO Capital Limited confirmed that the $52 million injection was executed between ₦1,482.55/$ and ₦1,486.10/$ during Wednesday’s trading session.
The naira appreciated by eight basis points, closing at ₦1,487.3651 to the dollar, supported by lower demand and additional inflows from export proceeds. The exchange rate fluctuated between ₦1,482.55 and ₦1,495.00 within the trading window.
Official figures from the CBN also showed that Nigeria’s foreign reserves climbed to $42.14 billion as of September 22, 2025, reflecting an increase of $104.11 million from the previous day’s level.
Analysts believe the naira is likely to maintain its current levels in the short term, citing the strength of external reserves as a key support factor.
Meanwhile, global commodity markets saw a positive shift as oil prices climbed more than $1 per barrel following stalled talks over resuming oil exports from Iraq’s Kurdistan region. Brent crude surged by $1.88 or 2.85% to settle at $67.85 per barrel, while U.S. WTI crude rose by $1.34 or 2.15% to $63.62.
Gold also rallied to a new all-time high as investors sought safe-haven assets amid geopolitical tensions and expectations of additional rate cuts from the U.S. Federal Reserve. Spot gold gained 0.44% to trade at $3,764.29 per ounce, while December gold futures closed 0.38% higher at $3,782.15.
Market watchers predict oil prices could remain under pressure in the coming weeks as the anticipated restart of the Iraq–KRG pipeline adds fresh supply into the global market.
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