The naira strengthened at the official window in the past week to 1,547/$ from 1,549/$, supported by intervention from the Central Bank of Nigeria, which injected dollars into the market to ease corporate demand pressures.
Analysts also alluded the development to the resilience of the naira to foreign exchange inflows from foreign portfolio investors.
The CBN conducted an OMO auction driven by its continuous effort to absorb excess system liquidity. The Central Bank offered N600bn across the 155-day and 204-day tenors, attracting strong investor interest with total subscriptions reaching N1.14tn. Ultimately, the CBN allotted N1.07tn, with stop rates clearing at 24.20 per cent and 24.59 per cent, respectively.
NAIRA STRENGTHENS OVER CBN INTERVENTION, FPI INFLOW
