Nigerian Naira Hits 6-Month High Against Dollar, CBN Injects $200M for Stability

The Nigerian Naira strengthened against the US Dollar, reaching a six-month high on Monday, September 1. The Central Bank of Nigeria reported the Naira closed at ₦410 per dollar, gaining from the previous trading day.

In the parallel market, the Naira remained stable at ₦570 per dollar. Total turnover in the Nigerian FX market stood at $50 million, with corporates being the major inflow providers.

The CBN injected $200 million into the market, supported by higher reserves and FPI inflows. The Naira also gained against the Pound Sterling but weakened slightly.

This positive trend was attributed to increased liquidity and improved market conditions.