CBN Boosts Naira with $197.71m Injection into FX Market

In a move aimed at further stabilizing the Nigerian Naira in the foreign exchange (FX) market, the Central Bank of Nigeria (CBN) has injected $197.71 million. This intervention is the latest effort by the apex bank to enhance liquidity and moderate volatility in the FX market, ensuring a more stable exchange rate.

The CBN has been actively implementing various strategies to strengthen the Naira, and this injection underscores its commitment to managing the FX market effectively. Market analysts believe this move will provide a further boost to the Naira’s recent stability and help meet genuine demands for foreign currency across different sectors of the economy.

This intervention is expected to have a positive impact on businesses and individuals reliant on foreign exchange, potentially easing pressure on import costs and contributing to overall economic stability. The CBN continues to monitor market dynamics and implement measures deemed necessary to maintain a healthy and stable Naira.