CBN Sells $50 Million to Banks as Naira Depreciates Further
By Aboki Forex —
The Central Bank of Nigeria has again intervened in the foreign exchange market. The apex bank sold $50 million to authorised dealer banks on a willing buyer, willing seller basis. This move is aimed at boosting supply and stabilising the exchange rate.
The naira has faced renewed pressure as FX inflows decline. Demand for US dollars for foreign payments has been rising. On Monday, the dollar traded at N1,447.71. By Wednesday, the local currency had weakened to N1,455.60. During intraday trading, it peaked at N1,460.50 before closing at N1,455.
The CBN has scaled back its aggressive FX sales since the naira strengthened earlier. This latest intervention comes as the currency continues to face headwinds from low dollar supply and high demand.