CBN Injects FX into Currency Market, Banks Get $50m
The Nigeria’s Central Bank, CBN, was in the official currency market to boost liquidity to maintain the naira’s stability. The Apex Bank conducted FX intervention, selling $50 million to authorised dealer banks on Tuesday within the ranges of N1,581.92 to N1,585.00.
The latest round of FX intervention came as the impact of $190 million supplied to the currency market last week began to fizzle out.
According to data from the CBN, the naira depreciated to N1583.73 per US dollar from N1579.40 at the Nigerian foreign exchange market (NFEM) on the back of fresh demand pressures. The local currency had stabilised, recording an all-week rally as export inflows boosted the volume of US dollars in the market last week.
In the parallel market, the exchange rate settled at N1,620 as the market anticipated the authority would stop $35,000 weekly FX sales to bureau de change operators in May 2025.
In the global forex space, the US Dollar Index extended losses last noon, falling below the 99 mark and reaching its lowest level in over a month.
The currency could remain under pressure due to the persistent concerns over the fiscal trajectory of the US and growing uncertainty around President Trump’s trade policy. #CBN Injects FX into Currency Market, Banks Get $50m#
