Naira Rebounds as CBN Injects $50m into Foreign Exchange Market

The naira strengthened against the US dollar on Thursday after the Central Bank of Nigeria (CBN) injected $50 million into authorised dealer banks to ease foreign exchange pressures and bolster market liquidity.

The local currency had faced renewed pressure earlier in the week as demand for the greenback outpaced available supply. Following the intervention, the naira appreciated by 0.14% to ₦1,452.13/$ at the official window and gained 0.32% to ₦1,469/$ in the parallel market, signalling improved sentiment and a modest recovery in supply levels.

CBN trading data indicated that the official spot FX rate reached an intraday high of ₦1,459.99/$, compared with ₦1,460.50/$ recorded in the previous session. The rate fluctuated between ₦1,450/$ at its lowest point and ₦1,499.99/$ at its highest before settling at ₦1,459.95/$ by the close of trade.

Meanwhile, the Dollar Index climbed by around 0.65%, marking its strongest rise since late September. It also closed above the 200-day moving average for the first time since early March. The US dollar was little changed against most G10 currencies as the North American session approached, with only limited follow-through from the previous day’s gains.

In the commodities market, light crude oil futures edged slightly higher on Thursday after a sharp decline the day before pushed prices back into the short-term retracement zone of $59.23 to $58.44. The November 13 main bottom at $58.07 offered additional support, providing traders with a clearer anchor following Wednesday’s sell-off. The rebound came as global crude markets attempted to settle after a 2.1% drop triggered by renewed geopolitical speculation.