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CBN sells $60m to Banks, aid Naira resurgence

The Naira saw a significant rebound against the dollar at the official foreign exchange market on Wednesday, September 11, following the Central Bank of Nigeria’s (CBN) intervention with the sale of $60 million in forex to select banks.

Despite this positive development, the move is expected to slightly decrease Nigeria’s forex reserves, which stood at $36.30 billion as of September 4.

The CBN’s action comes as part of efforts to provide more liquidity to the domestic forex market, aiming to strengthen the Naira against major global currencies.

The Presidency welcomed the rebound, with Bayo Onanuga, the Special Adviser to the President on Information and Strategy, stating that the local currency saw its largest gain in nearly two months.

Quoting Bloomberg data, Onanuga noted that the Naira surged 4.8% against the dollar, closing at ₦1,558 per dollar, marking its strongest level since August 21.

Additionally, Finance Minister Wale Edun highlighted that the government successfully raised $900 million in its first domestic dollar-bond issue, nearly double the expected target, further boosting confidence in the market.

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