Nigeria’s foreign-exchange market received a fresh round of support this week as the Central Bank of Nigeria (CBN) moved to counter renewed pressure on the naira. In a measured intervention aimed at calming volatility, the apex bank released $50 million to authorised dealer banks under its willing buyer, willing seller framework, according to market reports.
The move follows a resurgence of demand for the U.S. dollar amid declining FX inflows, a combination that has pushed the naira onto the back foot after a period of relative stability. At the start of the week, the local currency traded at ₦1,447.7089/$ but slipped to ₦1,455.5981 by mid-week, briefly touching an intraday high of ₦1,460.5000 before settling at ₦1,455/$.
Analysts note that the CBN had recently dialed back its frequency of FX sales as the naira strengthened in previous weeks. However, the latest slide prompted a renewed intervention to steady market expectations and bolster supply in the official window.
Market watchers say the $50 million injection—though modest—signals the regulator’s intent to prevent sharp swings while maintaining its commitment to a market-driven exchange-rate regime. Further actions will likely depend on inflow performance and demand trends in the coming days.