The Central Bank of Nigeria (CBN) sold $151 million to eligible deposit money banks on September 10, 2026, as part of its intervention in the foreign exchange market. Following the dollar supply, the naira strengthened marginally at the official market, closing at about ₦1,328.22 per US dollar, compared with ₦1,329.22/$ in the previous session.
The intervention came after renewed pressure on the naira and increased demand for foreign currency. The CBN’s dollar sales provided additional liquidity to banks and helped support trading in the official FX market.
CBN’s $151 Million FX Intervention
The CBN offered approximately $151 million to eligible banks at rates ranging from ₦1,322.71 to ₦1,331.50 per dollar, according to market reports citing data from the central bank and market sources.
The intervention followed a sharp move in the naira during the previous trading session. On September 9, the currency had weakened to around ₦1,334/$ before recovering after the additional dollar supply entered the market.
The immediate effect was relatively modest but positive: the official rate improved from ₦1,329.22/$ to ₦1,328.22/$, representing a gain of approximately ₦1 or 0.08%.
Naira Also Gains Against Pound and Euro
The naira strengthened against other major currencies during the same trading session.
| Currency | Previous Rate | Latest Rate | Change |
|---|---|---|---|
| USD | ₦1,329.22 | ₦1,328.22 | +₦1.00 |
| GBP | ₦1,802.15 | ₦1,798.22 | +₦3.93 |
| EUR | ₦1,548.27 | ₦1,540.99 | +₦7.28 |
The pound fell by ₦3.93 against the naira, while the euro declined by ₦7.28 on the official market.
FX Trading Activity Rises
The CBN intervention occurred alongside a substantial increase in activity in the official FX market.
One market report put interbank FX turnover at approximately $357.30 million, with the number of transactions increasing to 234 from 86 in the previous session.
Another report citing market data highlighted a sharp increase in FX turnover and broader participation among authorised market participants.
The higher transaction activity indicates that banks and other participants were actively adjusting to changes in dollar supply and demand following the CBN’s intervention.
Why the CBN Sold $151 Million
The immediate purpose of the intervention was to increase dollar liquidity in the official FX market.
When demand for foreign currency rises faster than available supply, the naira can come under depreciation pressure. By supplying dollars to eligible banks, the CBN can increase the amount of foreign currency available to market participants.
The September 10 intervention therefore came at a time when the naira had experienced renewed selling pressure.
However, the ₦1 improvement in the official exchange rate shows that the immediate movement was relatively small rather than a dramatic change in the currency’s value.
What It Means for the Naira
The latest intervention provides additional dollar liquidity, but the longer-term direction of the naira will depend on several factors, including:
- Dollar demand from businesses and importers
- Foreign-exchange inflows
- External reserves
- Portfolio and foreign investment flows
- CBN intervention and liquidity management
- Trading activity in the official FX market
Nigeria’s external reserves were reported at around $54.3 billion during this period, providing a reserve buffer for foreign-exchange operations.
The reserve position is relevant because CBN FX interventions involve supplying foreign currency to the market. The sustainability of such interventions therefore depends partly on the country’s available reserves and incoming foreign-exchange flows.
Official Market vs Parallel Market
The improvement in the official market did not mean that the two FX markets traded at the same level.
Reports around September 10–11 placed the parallel-market dollar around ₦1,385–₦1,395, although quotations varied by source and transaction.
This means a significant difference remained between the official NFEM rate and parallel-market quotations.
For example, using ₦1,328.22/$ as the official rate and ₦1,395/$ as a parallel-market selling reference:
Market difference = ₦1,395 − ₦1,328.22 = ₦66.78/$
The exact parallel-market price can change between dealers, locations and transactions, so it should be treated as a market reference rather than a single guaranteed rate.
What Businesses Should Watch
The CBN’s $151 million intervention is particularly relevant to businesses that require foreign currency for imports, international payments and other legitimate FX transactions.
The key issue is whether increased dollar liquidity is sustained beyond the intervention itself.
Market participants will therefore be watching:
- Future CBN dollar sales — whether further interventions are required.
- FX turnover — whether elevated trading activity continues.
- Dollar demand — particularly from importers and other commercial users.
- External reserves — whether reserves continue to provide sufficient intervention capacity.
- Official-market stability — whether the naira remains around its recent trading range.
CBN $151 Million Dollar Sale: Key Facts
| Item | Latest information |
|---|---|
| Intervention date | September 10, 2026 |
| CBN dollar sale | $151 million |
| Beneficiaries | Eligible deposit money banks |
| CBN intervention range | ₦1,322.71–₦1,331.50/$ |
| Previous official rate | ₦1,329.22/$ |
| Latest official rate | ₦1,328.22/$ |
| Naira movement | +₦1 / 0.08% |
| Reported external reserves | About $54.3 billion |
| Parallel-market reference | Around ₦1,385–₦1,395/$ |
Bottom Line
The CBN’s $151 million sale to banks increased dollar liquidity in Nigeria’s official FX market and coincided with a modest appreciation of the naira to about ₦1,328.22/$.
The move is significant for the FX market because it shows the CBN responding to renewed dollar-demand pressure with additional supply. However, the immediate appreciation was only about 0.08%, so subsequent trading sessions and future dollar supply will be important for determining whether the improvement persists.
For businesses and individuals tracking the naira, the key indicators remain official USD/NGN rates, parallel-market spreads, FX turnover, dollar demand, reserves and further CBN interventions.
