CBN injects $500 million into fx market as naira weakens

By Boluwatife Oshadiya | October 27, 2026

The Central Bank of Nigeria reportedly injected $500 million into the foreign exchange market on Monday to increase dollar supply as demand outpaced available liquidity in the official trading window.

The supplied market report put the naira’s spot rate at ₦1,367.6057 per dollar, compared with ₦1,361.8394 at Friday’s close. It said dollar demand remained elevated after the intervention, with foreign portfolio investors selling equity positions and adjusting their fixed-income investments.

The report attributed the pressure partly to slower inflows into the Nigerian Foreign Exchange Market (NFEM), which left supply thin as demand carried over from the previous trading session. It also said some foreign portfolio investors had taken profits after the exchange rate reached an intraday level of ₦1,395 the previous week.

The CBN’s reported intervention was intended to narrow the gap between demand and available dollar supply. However, the naira still weakened during the session, indicating that the reported sale did not fully offset market demand.

The source also cited seasonal import requirements and pre-election demand as possible contributors to pressure on the local currency. These explanations were not supported by a quoted CBN statement or independent market analysis in the supplied material.

The supplied report attributes the dollar sale to the CBN but contains no direct statement from the bank confirming the amount, the terms of the intervention or its assessment of market conditions. It also provides no direct comment from an independent analyst or foreign-exchange market participant.

The Bottom Line: A reported $500 million injection did not prevent the naira from weakening during the session, suggesting demand remained stronger than available supply. The intervention amount and exchange-rate figures should be confirmed against primary market data before publication.

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