The Nigerian naira slightly appreciated against the US dollar, closing at N1,510 after the Central Bank of Nigeria (CBN) sold $181 million to banks. Data from the FMDQ platform showed that the naira gained 0.15% in value within the official foreign exchange market.
The increase in dollar supply from the CBN contributed to this positive movement in exchange rates. On Friday, the CBN injected $114.8 million into the forex market at rates ranging between N1,497/$1 and N1,503/$1. This brought the total FX sales to $181.25 million for the week, helping to ease the demand pressure in the market.
Despite continued demand for foreign exchange, the naira has remained relatively stable due to increased FX liquidity from foreign portfolio investors (FPIs) and ongoing CBN interventions. Analysts from Cordros Capital Limited noted that the adoption of the Electronic Foreign Exchange System (EFEMS) has also helped stabilize the naira by improving market transparency and reducing excessive fluctuations.
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