By Boluwatife Oshadiya | September 11, 2026, 10:29 AM
Key Points
- CBN sells $151 million to eligible banks after the naira came under renewed pressure at the official FX market
- Naira appreciates to ₦1,328.2154/$ at the Nigerian Foreign Exchange Market from ₦1,329.2129/$ in the previous session
- Interbank FX turnover jumps to $357.296 million as the number of market deals rises to 234
Main Story
The naira strengthened marginally on Thursday after the Central Bank of Nigeria (CBN) sold $151 million to eligible deposit money banks to support dollar liquidity at the official foreign exchange market.
The naira closed at ₦1,328.2154 per US dollar at the Nigerian Foreign Exchange Market (NFEM), compared with ₦1,329.2129/$ in the previous session, according to CBN data. Transactions during the session were completed between ₦1,322.7100 and ₦1,333/$.
The CBN intervention followed a ₦9 decline in the naira and was aimed at improving dollar liquidity for financial institutions. The intervention comes as market activity increased sharply, with interbank FX turnover reaching $357.296 million.
According to the CBN, Thursday’s turnover was 278% higher than the previous day’s level, signalling a significant increase in transactions among market participants. The number of deals also rose to 234 from 86 in the preceding session.
The higher market activity indicates stronger participation by banks and other market makers as dollar supply and demand adjusted around the CBN-supported liquidity conditions.
The development also comes against the backdrop of Nigeria’s reported external reserves of $54.341 billion, which provides a significant reserve buffer for the country’s foreign exchange market.
What’s Being Said
The CBN’s intervention indicates that the apex bank remains willing to supply dollars to eligible financial institutions when liquidity conditions come under pressure. CBN data also showed a sharp increase in interbank market activity during the session.
The available market assessment suggests the naira could remain relatively stable in the near term, although demand for dollars and changes in market liquidity will continue to influence trading levels.
What’s Next
- Market participants will watch whether the higher interbank turnover is sustained in subsequent sessions
- The naira’s near-term direction will depend on dollar demand, available liquidity and further CBN intervention
- The official exchange rate is expected to remain broadly range-bound around current levels unless market pressures intensify
Bottom Line
The Bottom Line: Thursday’s marginal naira recovery reflects the immediate impact of stronger dollar supply rather than the disappearance of underlying FX demand pressure. Sustained stability will depend on whether market liquidity can improve without requiring repeated CBN intervention.
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