CBN Injects $36.6 Million Into Forex Market as Naira Strengthens
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The Central Bank of Nigeria (CBN) has injected $36.60 million into the official foreign exchange (FX) market through authorised dealers and banks, reinforcing its intervention strategy to boost liquidity and stabilise the naira. This latest injection came on Tuesday, following last week’s $40 million supply aimed at easing currency pressure.
According to updated FX data, the naira appreciated by 23 basis points, gaining N3.40 to close at N1,442.9201 per US dollar at the official market on Wednesday. During the trading session, it fluctuated within a range of N1,445.00/$ and N1,436.50/$. Analysts attributed the positive movement to improved dollar supply outpacing current market demand, further strengthening the currency’s short-term outlook.
Market watchers also linked the naira’s resilience to Nigeria’s growing external reserves, which rose by $48.4 million day-on-day to reach $44.5 billion as of November 25, 2025. The increase comes despite fluctuating global oil prices and production challenges.
On the global commodities front, oil prices showed slight gains after a recent dip to a one-month low. Brent crude rose by 1.20% to $62.54 per barrel, while U.S. West Texas Intermediate (WTI) inched up 0.21% to $58.07 per barrel. Analysts noted that traders are closely monitoring signs of potential oversupply and progress in Russia-Ukraine peace negotiations.
Gold also saw notable gains, trading near a one-week high. Spot gold climbed 0.93% to $4,169.42 per ounce, while U.S. gold futures advanced by 0.63% to $4,203.80 per ounce, buoyed by market expectations of an interest rate cut by the U.S. Federal Reserve next month.
Financial analysts say the outlook for the Nigerian forex and commodities markets remains cautiously optimistic, supported by rising gold and oil prices, improving reserves, and expectations of global rate cuts. However, uncertainty in global supply and demand dynamics could limit deeper market gains.
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