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    CBN Mops Up Naira with $200 Million

    Julius AlagbeBy No Comments1 Min Read
    CBN Mops Up Naira with $200 Million
    Yemi Cardoso, CBN Gov

    CBN Mops Up Naira with $200 Million

    ABUJA: The Central Bank of Nigeria (CBN) mopped up $200 million in naira equivalent at the foreign exchange market as part of an effort to stabilise the local currency.

    The authority stepped up forex market interventions at the beginning of the week after the naira spiralled downward for two weeks due to rising demand for US dollars for offshore payments.

    The new round of FX intervention came after the authority sold $500 million last week, suggesting aggressive movement to keep the naira within the allowable band at the official window.

    The naira has gained for three successive sessions due to substantial FX liquidity, supported by the CBN, foreign portfolio investors, exporters, and non-bank corporates, among others.

    Daily FX data showed that the naira has gained from an open rate of N1405 per dollar this week to N1376 at the close of trading. #CBN Mops Up Naira with $200 Million Overnight Lending Rate Falls as Excess Liquidity Tops N7trn

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    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

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