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The naira has appreciated by 0.13% week-on-week to 1,547/$, supported by the Central Bank of Nigeria’s (CBN) intervention in the foreign exchange market. The CBN injected dollars into the market to ease corporate demand pressures, contributing to the naira’s resilience.
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According to Cordros Capital Limited, foreign portfolio investors (FPIs) brought in dollars to participate in the Open Market Operation (OMO) auction by the CBN, further supporting the naira. The CBN’s OMO auction attracted strong investor interest, with total subscriptions reaching N1.14 trillion.
Analysts at Cowry Asset Management Limited and Cordros Capital Limited expect the naira to remain relatively stable in the coming week, supported by continued CBN interventions and improving foreign exchange inflows. However, they warned that global pressures, including renewed tensions in the Middle East, could impact the naira’s stability.
Meanwhile, Nigeria’s foreign reserves declined to $37.71 billion as of Thursday. In a separate development, the Minister of Finance, Wale Edun, visited CBN Governor Olayemi Cardoso to discuss fiscal-monetary policy alignment, aiming to sustain and accelerate economic momentum. According to the ministry, “This meeting underscores the Ministry’s commitment to collaborative economic management, signalling a renewed focus on driving sustainable growth and development in Nigeria.
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Jonathan Nwokpor
