CBN Spends $669M in Q1 to Defend Naira Amid Persistent FX Pressur

CBN Spends $669M in Q1 to Defend Naira Amid Persistent FX Pressure

In the first quarter of 2025, the Central Bank of Nigeria (CBN) intervened in the foreign exchange market with approximately $669 million in an effort to stabilise the naira. A new report by investment firm AllCO Capital Limited revealed that $668.8 million was deployed during the period to manage the rising demand for foreign currency and slow the local currency's depreciation.

Despite the intervention, the naira continued to weaken, dropping by 2.97% in March alone from N1,492.49/$ to N1,536.82/$. 

The parallel market also experienced similar pressure, closing the month at N1,536/$ after shedding N43.50.