The Central Bank of Nigeria (CBN) intervened in the foreign exchange market on Thursday, selling $61 million to authorised dealer banks in a bid to stabilise the naira. This move is part of the bank’s ongoing efforts to bolster liquidity and maintain the naira’s resilience amid market pressures.
The intervention saw the naira appreciate by N13, closing at N1,532 per dollar in the official market. According to auction details, the apex bank sold foreign currency at rates between N1,515 and N1,545 per dollar, ensuring adequate supply to meet market demand.
Earlier in the week, the CBN injected an additional $28.5 million into the market, demonstrating its commitment to defending the naira. These interventions have contributed to improved liquidity and transparency in the forex market, enhancing the naira’s price discovery process.
The naira has experienced gains across multiple segments of the foreign exchange market, thanks to increased foreign currency supply. Analysts note that the CBN’s strategic actions have created a more stable environment for currency trading, supporting confidence among market participants.
With the naira maintaining a stronger position, the CBN’s interventions underscore its dedication to stabilising Nigeria’s currency amidst economic challenges. The continued focus on boosting foreign exchange liquidity is expected to further strengthen the naira and support overall market stability.
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