CBN Injects $151 Million, Naira Firms Up Against Major Currencies

The Central Bank of Nigeria (CBN) intervened in the foreign exchange market on Thursday, September 10, injecting $151 million to boost supply and strengthen the local currency.

The intervention led to a significant appreciation of the Naira against major currencies, with the domestic currency firming up by N1.00 or 0.08 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) to N1,328.22/$1.

The local currency also appreciated against the Pound Sterling and Euro, trading at N1,798.22/£1 and N1,540.99/€1 respectively, compared to previous closing rates of N1,802.15/£1 and N1,548.27/€1.

In a separate development, Nigeria's gross external reserves rose to $54.283 billion, providing a healthy buffer to defend the local currency and absorb shocks.