The Central Bank of Nigeria (CBN) has released new official exchange rates for buying and selling the U.S. dollar as the naira showed mixed performance across currency markets.

The move comes amid sustained demand from corporate foreign exchange users and ongoing efforts to stabilise the market with dollar interventions.

Naira diverges across markets

Trading data on Tuesday, August 26, 2025, showed the naira gaining marginally by ₦3 at the parallel market, closing at ₦1,547 per dollar.

At the Nigeria Foreign Exchange Market (NFEM) window, however, the currency slipped by six basis points to settle at ₦1,537.75/$1 compared to ₦1,536.42 the previous day.

AIICO Capital Limited reported that dollar demand surged at the interbank NFEM against tight supply, with the currency trading between ₦1,537 and ₦1,539 at the official window.

Analysts noted that such pressure has become a recurring theme as importers and corporates seek dollars for foreign obligations.

CBN steps in with fresh dollar sales

In response to rising demand, the CBN intervened in the market by selling $50 million to commercial banks last week.

This intervention, though modest, was aimed at easing FX scarcity and preventing excessive volatility in the official market.

Analysts say the apex bank’s ability to intervene has been supported by Nigeria’s rising external reserves, which stood at $41.19 billion on August 25, 2025, up by $85.58 million in a single day.

External reserves and oil output bolster outlook

The build-up in reserves comes on the back of improved crude oil output in July, when Nigeria ramped up production to one of its highest levels this year.

With oil still the country’s top FX earner, the combination of stronger output and higher reserves gives the CBN more room to defend the naira.

“Growing reserves signal stronger market confidence and provide the central bank with a buffer for interventions,” one investment banking analyst told MarketForces Africa.

“This should moderate volatility in the short term, even with the naira under pressure from high demand.”

Global market headwinds

Despite Nigeria’s improving fundamentals, global commodity prices added a layer of uncertainty.

Brent crude shed 2.3% to $67.22 per barrel on Tuesday after briefly hitting early-August highs, while U.S. West Texas Intermediate fell 2.4% to $63.25 per barrel.

Elsewhere, gold prices climbed to a two-week high, trading at $3,382 per ounce, as investors turned to safe havens amid political tensions in the U.S. and prolonged conflict in Ukraine.

Outlook for the naira

With rising reserves and steady oil output, analysts expect the CBN to sustain targeted interventions to support the local currency. However, the naira is likely to remain sensitive to global oil price swings, dollar liquidity, and investor sentiment.

For now, the combination of stronger reserves and higher crude production offers cautious optimism that Nigeria can navigate its FX challenges without major shocks in the coming weeks.

However, some experts are optimistic about the naira’s long-term fortunes, which they say will improve.

“Everything points to a positive outlook for the naira. The external reserves are robust, and oil production is surging. These are indicators of a healthy economy, and it will rub off on the currency,” Janet Ogochukwu, senior banker and economist, said.