The Central Bank of Bank has conducted foreign exchange intervention to maintain the nation’s currency stability.
The apex bank sold $50 million to authorised dealer banks on Tuesday within the ranges of N1,581.92 to N1,585.00.
The latest round of foreign exchange intervention came following the impact of $190 million supplied to the currency market last week began to fizzle out.
According to data from the CBN, the naira depreciated to N1583.73 per US dollar from N1579.40 at the Nigerian foreign exchange market (NFEM) on the back of fresh demand pressures. The local currency had stabilised, recording an all-week rally as export inflows boosted the volume of US dollars in the market last week.
In the parallel market, the exchange rate settled at N1,620 as the market anticipated the authority would stop $35,000 weekly FX sales to bureau de change operators in May 2025.
In the global forex space, the US Dollar Index extended losses last noon, falling below the 99 mark and reaching its lowest level in over a month.
