CBN Crashes Dollar Prices as New Rate Emerges 

The Nigerian naira remained relatively stable at the official foreign exchange market on Monday, trading around ₦1,362 to the US dollar after the Central Bank of Nigeria, CBN, stepped up interventions to support the local currency.

Fresh data from the Nigerian Foreign Exchange Market, NFEM, showed that the naira closed at ₦1,362.2064 per dollar, compared with the opening rate of ₦1,362.0866 recorded at the start of the trading week.

Although the local currency posted a marginal decline during Monday’s session, analysts said the broader market trend points to improved stability, supported by increased dollar supply from the apex bank and sustained foreign exchange inflows.

Naira records weekly appreciation

The naira strengthened at the official market over the previous trading week, appreciating by 1.31% to close at ₦1,362.09 per dollar on Friday, compared with ₦1,380.18 recorded a week earlier.

The improvement followed renewed interventions by the CBN, which injected significant foreign exchange liquidity into the market to reduce pressure from persistent dollar demand.

Data released by the apex bank showed that eligible foreign exchange transactions were conducted within a range of ₦1,359 to ₦1,365.50 per dollar.

Broadstreet analysts said the movement in the spot exchange rate reflects relative stability in the official market, driven by the CBN’s interventions and steady inflows from foreign investors and other market participants.