The naira weakened 0.40% week-on-week to ₦1,326.52 per U.S. dollar at the Nigerian Foreign Exchange Market, despite a reported $151 million intervention by the Central Bank of Nigeria (CBN).
At the parallel market, the naira strengthened to ₦1,370, creating a ₦43.48 gap between the official and parallel-market rates at the close of trading on weekend.
The CBN intervention was aimed at improving dollar liquidity amid increase foreign exchange demand. However, the naira’s decline suggests that stronger reserves have not fully eased short-term pressure in the FX market.
Nigeria’s external reserves rose 0.52% week-on-week to $54.41 billion, supported by inflows including remittances and foreign portfolio investments, providing the CBN with a stronger buffer to manage FX pressures.
Meanwhile, crude oil prices remained elevated, with Brent at $104.20 per barrel, WTI at $99.17, and Bonny Light rising 18.32% to $121.33 per barrel, potentially supporting Nigeria’s dollar earnings.
Going forward, the naira’s stability will depend on sustained dollar inflows, CBN intervention, foreign-exchange demand, and reserve accumulation.