The Nigerian Naira showed mixed performance across foreign exchange (FX) markets as the Central Bank of Nigeria’s (CBN) dollar interventions surpassed $1 billion in March. Meanwhile, external reserves stood at $38.303 billion.
Despite continued FX interventions, the Naira weakened on Tuesday, closing at ₦1,532.39 per dollar in the official market, losing ₦1.20 against the U.S. dollar.
Earlier this week, the CBN injected fresh dollar liquidity into the official FX market, while authorized dealer banks continued their $25,000 weekly FX sales to Bureau de Change (BDC) operators.
The parallel market exchange rate remained stable at ₦1,570 per dollar on Tuesday. To sustain FX inflows through official channels, the CBN injected $41.60 million, bringing total sales for the month to over $1 billion, according to investment firm TrustBanc Financial Group Limited.
On the same day, the CBN sold $27.9 million at rates ranging from ₦1,528.31 to ₦1,534, with the USD/NGN pair fluctuating between ₦1,528.31 and ₦1,537, ultimately closing at ₦1,532.39, AIICO Capital Limited reported.
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