Naira strengthens to 1596 as CBN under Cardoso sells record dollars
The naira strengthened to N1596 per US dollar in official trading as the Central Bank of Nigeria (CBN) sold $876.26 million in a retail auction, the largest under Governor Olayemi Cardoso. The CBN sold the dollars at a rate of N1495/$ to end users, providing a temporary boost to the naira. However, the parallel market saw the naira weaken to N1620/$ due to increased demand and disqualified bids moving to the black market.
The auction aimed to meet growing foreign exchange demand driven by summer tourism and import needs. Analysts predict the naira could further strengthen to about N1200/$ if the CBN sustains the retail auction system and manages forex inflows efficiently. The move is seen as essential to improving liquidity and stabilizing the naira amid ongoing economic challenges.
