CBN Releases New Naira Exchange Rates; Naira Strengthens Against Dollar

The Central Bank of Nigeria (CBN) has released new exchange rates showing the Naira gaining against the Dollar but weakening against the Pound and Euro. The Naira closed at N1,453/$ compared to N1,456/$ previously.

Market interventions, including injecting $250 million, aim to support the Naira amidst increased demand for foreign currency. Murtala Sabo Sagagi from the CBN's Monetary Policy Committee confirmed recent interventions totaling $500 million.

Despite these efforts, Nigeria's foreign exchange market continues to face volatility due to ongoing demand pressures and inefficiencies.