Dollar crashes to N1,173 at official market as CBN intervenes

The U.S dollar crashed to N1,173.88 on Tuesday after the Central Bank of Nigeria (CBN) sold over $300 million to commercial banks on the day and on Monday.

With the CBN's interventions, the naira jumped to a one-month high of N1,173.88 on Tuesday, the highest since April 12, 2024 when the dollar quoted at N1,142.38, according to data from the FMDQ Securities Exchange Limited.

After trading on Tuesday, the naira gained 14.09 percent against the dollar, which was quoted at N1,339.33 on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM). That's the biggest single day gain since January.

Dollar supplied by willing buyers and willing sellers increased by 81.59 percent to $328.32 million on Tuesday from $180.80 million recorded on Monday.

The naira also appreciated on the parallel market, known as the black market, gaining N5 as the dollar was quoted at N1,515 on Tuesday as against N1,520 quoted on Monday.