Central Bank Intervenes in Forex Market with $151 Million
The Central Bank of Nigeria (CBN) intervened in the foreign exchange market on Thursday, injecting $151 million to boost supply and strengthen the local currency.
As a result, the naira posted a slight gain against the US dollar, closing at N1328. 21,54, from N1329.2129 the previous close, according to data obtained from the CBN.
The CBN conducted FX intervention a day after the local unit lost N9 against the US dollar, suggesting that the Apex Bank’s intervention is a deliberate effort to strengthen the local currency.
Trading records indicate that the naira has gained significantly in Sept, supported by FX inflows from foreign portfolio investors. Exporters/importers and non-bank corporate sources, with intermittent support from the Apex Bank.
The CBN sold $151.0 million at rates between N1,322.71 and N1,331.50 per dollar, CardinalStone disclosed in its market update posted on Thursday.
The Naira appreciated by 0.45% at the official window to N1,328, while depreciating by 0.36% at the parallel market to N1,395.00/$, the investment firm said.
Analysts said Nigeria’s strong foreign reserves have given the authority a healthy buffer to defend the local currency and absorb shocks as they arise. Nigeria’s Total Trade Rises 5.2% in Q2 2026 – NBS
