CBN Pumps $52m into Banks as Naira Strengthens in Official and Black Markets
- The Central Bank of Nigeria (CBN) has injected $52 million into the foreign exchange market to keep the naira stable
- Traders said the apex bank sold the forex to authorised dealers at N1,482.55 per dollar and N1,486.10
- The development comes as the naira appreciated by 8 basis points (bps) to close at N1,488 per dollar, reigniting investors’ confidence
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Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.
The Central Bank of Nigeria (CBN) has sold $52 million to authorised banks in the Nigerian foreign exchange market to keep the naira competitive and to maintain FX rate stability.
Data from the apex bank shows that the naira appreciated as CBN intervention boosted dollar volume at the supply side.
Source: Getty Images
CBN’s intervention rallies the naira
According to AIICO Capital Limited, the CBN's forex intervention, estimated at $52 million, was done at N1.482.55 per dollar and N1.486.10.
The Nigerian currency appreciated by 8 basis points (bps), closing at N1,487.3651, driven by lower demand and inflows from exports.
The naira traded between N1,482.55 and N1,495 during the session on Wednesday, September 24, 2025, from the previous day.
Naira strengthens in parallel market
Data from the apex bank showed that Nigeria’s gross reserves rose to $41.14 billion on September 22 2025, adding $104.11 million from the previous day.
“The naira will remain at a similar level amid robust external reserves, ” a Lagos-based currency trader said.
In the parallel foreign exchange market, the naira appreciated, trading at N1,497 per dollar, the first time in six months.
Analysts predict a stable naira amid crude fluctuations
Analysts are optimistic that the naira’s rally at both windows will continue until the year’s end, following interventions by the CBN.
Global market movements also influenced sentiment in the FX market.
A report by Market Forces Africa said oil prices increased by more than $1 per barrel after a deal to restart exports from Iraq’s Kurdistan stalled.
The report said Brent crude gained $1.88, representing 2.85%, to $67.85 per barrel, while US WTI rose $1.34, representing $63.62 a barrel.
Meanwhile, gold hit a new high, aided by flows amid geopolitical uncertainty and expectations of further Federal Reserve rate cuts, while investors concentrated on Jerome Powell’s speech later.
Experts warn dollar hoarders
Spot gold prices rose by 0.44% to hit $3,764.29 per ounce, while US gold futures for December delivery closed 0.38% higher at $3,782.15.
Experts expect oil prices to stay stable as the Iraq-Kurd pipeline adds supply, outweighing geopolitical support.
A prior report by Legit.ng disclosed that the CBN renewed reforms in the foreign exchange (FX) market are driving a stronger naira and increasing external reserves.
But as the local currency continues to appreciate, a new risk is emerging: Nigerians holding dollar accounts or hoarding foreign currency may be sitting on potential losses.
CBN’s drive to stabilise the naira
Since Yemi Cardoso assumed leadership of the CBN, the apex bank has stepped up interventions in the FX market to close the gap between the official and parallel windows.
The bank appears to have set an informal trading band for the naira, stepping in when necessary to defend its value.
These actions, alongside improved investor confidence, have boosted FX liquidity and eased the chronic dollar shortages that previously weakened the currency.
Source: Getty Images
The CBN has also reversed restrictions on foreign capital repatriation, encouraging foreign investors to bring in fresh inflows.
Naira gains, reserves surge
Legit.ng earlier reported that for years, Nigerians have endured headlines about a falling naira and dwindling reserves.
But the story is changing. In recent weeks, the local currency has shown signs of resilience, trading at ₦1,488 per dollar, while Nigeria’s external reserves jumped by over $600 million.
The twin gains have sparked cautious optimism among analysts, businesses, and everyday Nigerians.
Source: Legit.ng
