The Central Bank of Nigeria (CBN) has mopped up the naira equivalent of $200 million in the foreign exchange market as part of efforts to stabilise the local currency amid sustained demand for dollars.
The latest intervention comes as the apex bank intensifies its presence in the FX market following two weeks of pressure on the naira, driven largely by rising demand for US dollars for offshore payments.
Market data indicate that the CBN has stepped up liquidity support at the start of the week, reinforcing confidence in the official window and helping to curb volatility in the currency market.
The development followed a similar intervention last week when the apex bank sold $500 million into the market, signalling an aggressive push to keep the naira within the acceptable trading band.
As a result of improved dollar supply, the naira has recorded gains for three consecutive trading sessions, supported by increased foreign exchange liquidity from the CBN, foreign portfolio investors, exporters and non-bank corporates.
Daily FX market data show that the naira strengthened from an opening rate of N1405 per dollar at the start of the week to close at N1376 per dollar, reflecting improved supply conditions in the market.
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Analysts say sustained liquidity injections by the CBN remain critical to easing pressure on the local currency and restoring stability to Nigeria’s foreign exchange market.
Meanwhile, President Bola Ahmed Tinubu has approved the nomination of former Director-General of the Securities and Exchange Commission, Lamido Abubakar Yuguda, as Deputy Governor of the Central Bank of Nigeria.
The appointment, which is subject to confirmation by the Senate, was disclosed in a statement issued on March 11, 2026, by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
According to the statement, the nomination aligns with Section 8(1) of the Central Bank of Nigeria Act 2007, which requires that the Governor and Deputy Governors of the apex bank possess relevant financial experience.
Onanuga explained that Yuguda’s nomination follows the recent appointment of former CBN Deputy Governor Bala Bello as Special Adviser to the President on Political Economy.
President Tinubu charged both officials to carry out their responsibilities with renewed dedication and professionalism, urging Yuguda to demonstrate a strong commitment to Nigeria’s economic stability and growth in his new role.
According to the Presidency, Yuguda most recently served as Director-General of the SEC from 2020 to 2024.
He earned a Bachelor of Science degree in Accountancy from Ahmadu Bello University in 1983 and later obtained a master’s degree in Money, Banking and Finance from the University of Birmingham, United Kingdom, in 1991.