Naira records slight gain in July on sustained dollar liquidity — The naira closed July with a modest gain in the official foreign exchange (FX) market, supported by sustained dollar liquidity and stronger demand from importers (businessday.ng). The Central Bank of Nigeria (CBN) continued its efforts to stabilize the currency by maintaining liquidity in the market, which helped curb depreciation pressures.
The FX market saw limited volatility as the CBN’s intervention kept the naira relatively stable against the US dollar. Analysts noted that the central bank’s consistent supply of dollars to the market played a key role in the slight appreciation. However, they also warned that external factors, such as global oil prices and inflation, could still pose challenges.
Despite the positive movement, the naira remains vulnerable to external shocks. The CBN is expected to continue its monetary policies to ensure stability, especially as the economy faces ongoing pressures from inflation and currency fluctuations. The official rate remained unchanged at 830 naira to the dollar.
