● Kefas Akase
Abuja – Despite heightened global economic uncertainty and investor outflows, the Nigerian naira has shown remarkable resilience, holding steady at about ₦1,620 per U.S. dollar on the official market. Analysts attribute the current stability to continued interventions by the Central Bank of Nigeria (CBN), which has sustained targeted dollar sales to support the foreign exchange market.
Currency traders across major commercial banks noted that while demand for dollars remains robust, the CBN’s deliberate market injections have prevented sharp fluctuations. “The Central Bank has been proactive in calming the market,” said a currency dealer at Zenith Bank. “Their weekly dollar sales have helped narrow the gap between official and parallel market rates.”
The stability comes at a time when several other African currencies, including Ghana’s cedi, face downward pressure due to increased external debt obligations and rising global interest rates. However, Nigeria’s apex bank has taken a tighter monetary stance, raising benchmark interest rates and ensuring sufficient liquidity to defend the naira.
Speaking in Abuja, Wednesday, CBN Governor Olayemi Cardoso reaffirmed the Bank’s commitment to maintaining market stability. “We are taking all necessary steps to ensure confidence in the naira,” he said. “Our interventions are strategic and aimed at promoting long-term exchange rate stability.”
Financial analysts also praised the policy direction. “The CBN has done well to stabilize the naira given the external headwinds,” noted Jide Ogundele, an economist with Afrivest Securities. “What remains crucial is sustaining transparency and avoiding backdoor deals that can spook investors.”
Despite the current stability, experts caution that the country must boost its non-oil exports and improve domestic productivity to maintain long-term currency strength. “Intervention can only go so far,” said Ogundele. “Structural reforms are the real game changer.” GMTNewsng