The naira appreciated to N1,615.00/$1 at the official foreign exchange market on Tuesday, improving from Monday’s rate of N1,629.00/$1, according to data from the Central Bank of Nigeria.
The marginal gain in the naira’s value comes as the CBN intensified its interventions in the FX market, aiming to ease pressure on the local currency and reduce exchange rate volatility.
Recall the Naira experienced a sharp decline on Monday, closing at N1,629.00 per dollar in the official foreign exchange market, reflecting continued volatility and pressure in Nigeria’s currency landscape.
This marks a significant depreciation from N1,600.00/$1 on Friday and N1,569.00/$1 on Thursday, underscoring growing pressure on the domestic currency despite the Central Bank of Nigeria’s recent efforts to stabilize the forex market.
It was reported that the CBN injected an estimated $200 million at various official exchange rates.
This followed a $197 million intervention on Friday and a cumulative $124 million disbursed throughout the previous week.
These consecutive interventions signal a more aggressive stance by the Central Bank of Nigeria in its efforts to curb speculative activity and alleviate demand pressures in the foreign exchange market.
