Naira Rallies as CBN Pumps $586m, Reserves Hit $41bn

The Naira gained strength this week after the Central Bank of Nigeria (CBN) sold about $586 million into the foreign exchange market, helping to ease pressure on the local currency.

According to reports, the CBN’s intervention has reassured investors and traders, with Nigeria’s external reserves also climbing to around $41 billion. This boost in reserves means the country has a stronger financial buffer to support imports and stabilize the exchange rate.

In recent months, Nigerians have faced sharp fluctuations in the value of the Naira, leading to rising prices for food, fuel, and other essentials. Analysts say the latest move by the CBN could provide short-term relief, but stress that long-term stability will depend on improving exports, reducing import dependence, and sustaining investor confidence.

For ordinary Nigerians, a stronger Naira means the cost of goods and services tied to the dollar may ease slightly. However, economists warn that consistent policies, better production, and reduced reliance on foreign exchange are key to making the gains last.

The development comes at a time when the government is pushing for more reforms in the economy, with hopes that strengthening the currency will also help businesses, households, and job creation across the country.