The naira recorded a rebound against the US dollar in Nigeria’s foreign exchange market after the Central Bank of Nigeria (CBN) released $50 million to authorised dealer banks in a move aimed at improving liquidity conditions.
Before the intervention, the local currency had faced renewed pressure as dollar demand continued to outpace available supply. Following the fresh FX injection, sentiment in the market improved, pushing the naira 0.14% higher to ₦1,452.13/$ at the official window, while the parallel market saw a 0.32% appreciation to ₦1,469/$.
Latest trading figures from the CBN revealed that the spot exchange rate hit an intraday high of ₦1,459.99 per dollar at the official window, slightly better than the ₦1,460.50 recorded in the previous session.
Throughout the day, the naira traded between an intraday low of ₦1,450 and a high of ₦1,499.99 before eventually settling at ₦1,459.95 per dollar. Meanwhile, the US Dollar Index climbed by roughly 0.65%—its strongest daily gain since September—and closed above the 200-day moving average for the first time since early March.
In the broader global currency market, the dollar posted modest gains against major G10 currencies as the North American trading session progressed, although the momentum from yesterday’s rally appeared limited.
Crude oil markets also showed signs of recovery. Light crude futures edged higher on Thursday after a steep drop in the previous session pushed prices into a key retracement zone between $59.23 and $58.44. The main bottom at $58.07 helped stabilise prices, offering traders a strong technical support level following Wednesday’s sharp sell-off. The rebound came amid efforts by the global oil market to regain balance after a 2.1% decline linked to geopolitical uncertainties.
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