CBN Injects $50m to Stabilize Naira Amid Rising Dollar Demand
The Central Bank of Nigeria (CBN) injected $50 million into the forex market to stabilize the Naira against the dollar due to increasing demand. The move aimed to strengthen the supply side as the Naira faced instability, trading at 1 USD to 455.5981 Naira.
Analysts noted CBN's reduced aggressiveness in forex sales, leading to the Naira gaining strength. Despite predictions of the Naira appreciating, recent interventions were necessary to counter the volatile market.
CBN Governor Yemi Cardoso confirmed the country's foreign reserves were at a seven-year high, covering 10 months of imports, reflecting economic improvements.
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