The Central Bank of Nigeria (CBN) injected $200 million into the foreign exchange market this week in a bid to contain sustained pressure on the naira. The intervention followed heightened demand for US dollars across the official market window. Market reports indicate that the apex bank sold $100 million on Tuesday and an additional $100 million on Wednesday to eligible foreign exchange participants.
Data released by the CBN showed that the naira depreciated by ₦3.70 at the official window to close at ₦1,359.82 per dollar on Thursday. In contrast, the parallel market recorded a marginal improvement. According to TrustBanc Financial Group Limited, the naira appreciated by ₦5.00 to ₦1,395.00 per dollar in the informal segment.
As a result of the divergent movements, the spread between the official and parallel market rates narrowed to 2.59%, down from 3.24%. The intervention comes despite Nigeria’s external reserves hovering near the $50 billion mark, supported by improved foreign exchange receipts from hydrocarbon exports amid stronger crude oil production levels.
In the global commodities market, oil prices advanced as investors monitored developments surrounding a third round of negotiations between the United States and Iran over Tehran’s nuclear programme.
Brent Crude rose by 34 cents, or 48 basis points, to trade around $71.17 per barrel, while West Texas Intermediate gained 32 basis points to approximately $65.63 per barrel.
Gold prices traded mixed during the session as investors weighed inflation risks tied to tariff concerns, while geopolitical tensions between the United States and Iran sustained safe-haven demand.
Market analysts note that currency stability in the near term will remain closely tied to the scale of FX interventions and the trajectory of external reserve inflows.
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