Naira Trades in Red All-Week Despite FX Interventions
The naira traded negatively against the dominant US dollar at the official window all week despite FX intervention sales by the Central Bank of Nigeria (CBN).
The official spot rate closed at N1363.3954 per dollar at the Nigerian foreign exchange market (NFEM), according to data published by the Central Bank.
The local currency traded between N1345 and N1369 at the official window during the day, as foreign payments continue to exceed the FX volume available on the supply side.
The Central Bank sold dollars to banks and other authorised dealers to halt negative momentum against the local currency. This happened a week after the authority purchased about $190 million from the forex market to slow down the naira rally.
The Apex Bank sold $200 million between Tuesday and Wednesday during an FX intervention call at the NFEM window, but the support failed to propel the naira rally.
The CBN FX rate weakened by N14 over the last five trading sessions due to slow but steady daily depreciation, reflecting tight FX liquidity conditions. # GDP: Nigeria’s Economy Grows by 3.87% in 2025
