In a bid to shore up dollar liquidity and calm the rising storm in the foreign exchange market, the Central Bank of Nigeria has injected nearly 200 million dollars into the system.
This comes amid mounting pressure on the naira and shifting global economic tides.
The Apex Bank of Nigeria sold $197.71 million to authorised dealers in a fresh intervention aimed at boosting liquidity in the foreign exchange market.
In a statement signed by Omolara Omotunde Duke, Director of the Financial Markets Department, the Apex Bank described the move as a measured step consistent with its broader objective of ensuring a stable, transparent, and efficient FX market.
The intervention comes as the naira reels from intensified demand pressures, sliding by a cumulative N35.77 against the dollar over three consecutive trading sessions.
MUST READ: Political Parties in Anambra State Elect Governorship Flag Bearers
The bank also acknowledged global headwinds influencing the local market including new U.S. import tariffs and a sharp 12 percent drop in crude oil prices to about $65.50 per barrel, a development that continues to unsettle emerging economies like Nigeria.
The statement emphasises that CBN’s latest intervention reflects its commitment to orderly market functioning and macroeconomic stability, despite the volatility.
While analysts say this injection may offer temporary relief, concerns remain over the sustainability of liquidity in the face of Nigeria’s rising import bills, dwindling reserves, and global uncertainty.
The Apex Bank, however, maintains that Nigeria’s FX framework remains resilient and capable of adapting to evolving fundamentals.
(Editor: Nkoli Omhoudu)
