Central Bank Supports Naira with $36.6m FX Intervention
The Central Bank of Nigeria (CBN) sold US dollars to authorised dealers and banks at the Nigerian foreign exchange market to boost forex supply.
The Apex Bank kept to its FX intervention policy to reduce pressures on the naira, selling $36.60 million to stabilise market demand Tuesday, according to updated FX data obtained.
The latest FX injection came in addition to $40 million supplied last week. Official daily FX update showed the Naira appreciated by 23 basis points, or N3.40 to close at N1,442.9201/$ on Wed, trading within a range of N1,445.00/$ to N1,436.50/$ during the session.
The positive exchange rate movement was driven by improved supply levels outpacing available demand, analysts said, adding that the naira outlook remains positive with increased external buffer.
Latest data showed that Nigeria’s gross external reserves increased by $48.4 million day-on-day to $44.5 billion as of November 25, 2025 amidst fluctuating global prices of crude oil and production volume.
Global oil prices were little changed on Wednesday after sliding to a one-month low in the previous session as U.S. investors assessed prospects of oversupply and talks over a Russia-Ukraine peace deal.
Brent crude gained 74 cents, or 1.20%, to $62.54 per barrel, while U.S. West Texas Intermediate (WTI) rose by 12 cents, or 0.21%, to $58.07.
Gold prices hovered near an over-one-week high after expectations the U.S. Federal Reserve will trim interest rates, next month kept non-yielding bullion a favoured asset.
Spot gold spiked by 0.93% to $4,169.42/oz, while U.S. gold futures gained 0.63% to $4,203.80/oz.
Analysts expect markets to remain cautiously optimistic — supported by rising Fed rate-cut expectations and firmer oil and gold prices but tempered by ongoing uncertainty over oil supply and global demand dynamics. MTN Nigeria Sets to Pay Shareholders Interim Dividend
