The Central Bank of Nigeria (CBN) has reinforced its commitment to stabilizing the naira through strategic interventions in the foreign exchange market. By injecting liquidity and tightening compliance with forex regulations, the apex bank has curbed sharp depreciation and bolstered investor confidence.
Recent measures, including a $360 million injection into the market, have helped manage demand pressures and prevent further currency devaluation. As a result, the official exchange rate now stands at N1,530/$, while the parallel market rate is N1,580/$.
The CBN’s proactive policies, alongside improved foreign reserves management, have played a crucial role in sustaining market stability. Investors have responded positively, with renewed interest in Nigeria’s economy.
