Naira Strengthens Against Dollar After CBN's $151m Injection

On September 10, 2023, the naira recorded a modest recovery against the US dollar at the official foreign exchange market, closing at N1,328.22 per dollar, up from N1,329.22 the previous day, marking a gain of N1.00 or 0.08%. This recovery was supported by a $151 million intervention from the Central Bank of Nigeria (CBN), which sold dollars at rates between N1,322.71 and N1,331.50.

The naira also strengthened against the Pound Sterling and the Euro, settling at N1,798.22/£1 and N1,540.99/€1, respectively. Despite this recovery, the naira traded at N1,340 per dollar at GTBank's foreign exchange counter, a decrease from N1,330 the previous day.

The parallel market rate remained steady at N1,375 per dollar, creating a gap of N46.78 with the official rate. Interbank FX activity saw a significant increase, with turnover climbing by 69.82% to $94.43 million, indicating broader market participation.