Nigerian Naira Stabilizes After Dollar Liquidity Boost
Nigeria’s naira rebounded slightly on Wednesday after the Central Bank of Nigeria (CBN) injected $500 million into the official forex market, stabilizing the currency at ₦1,480 per U.S. dollar.
The intervention followed weeks of volatility that saw the naira drop to record lows against the greenback. Importers, businesses, and even schools had expressed concern over the currency’s decline, which was driving up inflation and operational costs.
CBN Governor Olayemi Cardoso said the move was part of broader reforms to ensure price stability and restore investor confidence. He added that more interventions could follow if market demand spikes again.
Analysts welcomed the liquidity boost but cautioned that without structural reforms—such as reducing reliance on oil revenues and boosting export diversification—gains may be short-lived.
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