CBN Injects $52m, Naira Holds Steady as Reserves Hit $42.1bn
The Central Bank of Nigeria (CBN) sold $52 million to authorised dealers on Wednesday to stabilise the foreign exchange market, helping the naira firm slightly against the dollar amid steady inflows from oil and exports.
Trading data showed the local currency appreciated by 0.08 per cent to close at N1,487.37 per dollar, after fluctuating between N1,482.55 and N1,495.00 in intraday deals. Analysts at AIICO Capital noted that the intervention lifted dollar liquidity at the supply end, easing pressure on the spot market.
CBN figures also confirmed that Nigeria’s external reserves climbed to $42.14 billion as of September 22, up $104.11 million from the previous day, sustaining an upward momentum that has improved market confidence in recent weeks.
Global commodity markets added further support, with Brent crude rising 2.85 per cent to $67.85 per barrel and U.S. WTI up 2.15 per cent to $63.62 after a deal to resume exports from Iraq’s Kurdistan stalled.
Gold prices hit a fresh record high at $3,764.29 per ounce as investors sought safe havens ahead of Federal Reserve Chair Jerome Powell’s speech, with U.S. futures for December delivery closing at $3,782.15.
Analysts said the resilience of reserves, coupled with stable oil prices, should help the naira maintain current levels in the near term, though demand pressure and global volatility remain downside risks.
