CBN Sells Dollars to Access, UBA, Zenith, Other Banks at New Rate Amid Naira’s Depreciation
- The Central Bank of Nigeria (CBN) has pumped about $36.60 million to authorised dealers in the foreign exchange market
- The apex bank’s latest intervention comes amid the renewed depreciation of the Nigerian currency, the naira
- Experts have said the naira is affected by both domestic and global geopolitical headwinds
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s foreign exchange market received fresh momentum this week after the Central Bank of Nigeria (CBN) intensified its FX intervention strategy.
The apex bank again sold foreign currency to authorised dealers and banks to help ease pressure on the naira and steady the fast-moving market.
Source: Getty Images
The latest transaction saw the CBN supply 36.60 million dollars into the market on Tuesday. Updated FX figures confirm that this is in addition to the 40 million dollars released last week.
Naira strengthens as demand stabilises
The consistent injections are designed to increase liquidity and make more dollars available to those demanding foreign exchange for trade, imports and business operations.
This move reinforces the bank’s policy approach over recent months. Rather than allowing sharp fluctuations in supply to weaken the local currency, the CBN has continued to engage the market through targeted sales and interventions.
According to a report by Market Forces Africa, the impact on the naira was visible in trading results. Official market data showed that the currency gained 23 basis points on Wednesday, rising by N3.40 to settle at N1,442.9201 per dollar.
Prices traded between N1,445.00 and N1,436.50 within the session, signalling increased liquidity and slightly reduced demand pressures.
Market watchers say the stronger position of the currency reflects improved levels of dollar supply at a time when demand appears to have softened.
Analysts believe this balance is lifting confidence among investors and market operators, especially following several weeks of volatility.
Financial analysts have also pointed to a more positive outlook for the currency over the short term.
The naira has benefited from improving reserves and a policy environment that is beginning to calm speculative activity.
“The naira is being affected by both domestic and geopolitical headwinds, especially investment and forex inflow drought,” Janet Ogochukwu, senior banker and economist, said.
According to her, the naira will recover quicker as Nigeria’s reserves continue to swell to withstand any shocks.
“The good news is that the naira will rebound due to the robust reserves,” she revealed, adding that there is no need to panic.
Nigeria’s reserves climb as external shocks persist
Nigeria’s gross external reserves continue to show resilience.
The latest figures indicate that the nation’s reserves increased by 48.4 million dollars in a single day, bringing the total to 44.5 billion dollars as of November 25, 2025.
This comes even as the global energy market remains unsettled by production fluctuations and changing oil price expectations.
Brent crude rose to 62.54 dollars per barrel after falling in the previous session. U.S. West Texas Intermediate also increased slightly to 58.07 dollars. Despite the modest gains, oil market sentiment remains cautious.
Global traders are weighing concerns about potential oversupply and discussions over a possible Russia-Ukraine peace agreement, both of which could reshape production and price dynamics.
Gold edges higher as investors wait for Fed rate cuts
Meanwhile, gold prices moved close to their highest level in more than a week. Spot gold jumped to 4,169.42 dollars per ounce, while U.S. futures climbed to 4,203.80 dollars.
The precious metal continues to attract interest from investors expecting the United States Federal Reserve to cut interest rates in the coming month.
Source: Getty Images
Financial analysts say global market sentiment is likely to stay steady but cautious. Oil remains sensitive to supply risks, while gold is benefiting from expectations of a softer global interest rate environment.
As these trends play out, the CBN’s sustained interventions appear set to remain a key factor in shaping Nigeria’s foreign exchange stability and protecting the value of the naira.
Naira falls, traders, banks quote new dollar rates
Legit.ng earlier reported that the naira weakened against major global currencies on Thursday, November 27, as rising end-of-year demand for foreign exchange continued to exert pressure on the market.
The local currency dipped by 99 Kobo or 0.07% to close at N1,443.91/$1 in the Nigerian Foreign Exchange Market (NAFEM), compared with N1,442.92/$1 recorded in the previous session.
The pressure extended to other currency pairs as the naira fell against the pound sterling, losing N6.50 to finish at N1,913.03/£1, down from N1,906.53/£1 on Wednesday.
Source: Legit.ng
