Naira Gains Strength on CBN Intervention

The Nigerian Naira has seen a slight climb in value as the Central Bank of Nigeria (CBN) intervened to support liquidity levels in the foreign exchange market. On Thursday, the CBN sold $151 million to eligible deposit money banks (DMBs), helping to stabilize the currency.

The official spot FX rate appreciated to ₦1,328.2154/US$ at the Nigerian Foreign Exchange Market (NFEM) window, a small increase from the previous session's ₦1,329.2129/US$. Transactions were conducted between N1322.7100 and N1333 per US dollar.

The Apex Bank's intervention was significant, with financial institutions' activity as market makers increasing sharply on Thursday. Interbank turnover rose to $357.296 billion, a 278% increase from the previous day's record. The number of deals in the interbank market increased to 234, up from 86.