{"id":117150,"date":"2025-04-08T06:08:05","date_gmt":"2025-04-08T05:08:05","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=117150"},"modified":"2025-04-08T06:08:05","modified_gmt":"2025-04-08T05:08:05","slug":"nigeria-defends-naira-spends-321m-in-three-days","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/uncategorized\/nigeria-defends-naira-spends-321m-in-three-days\/","title":{"rendered":"Nigeria defends naira, spends $321m in three days"},"content":{"rendered":"<div>Daniel Adaji<\/div>\n<div><\/div>\n<div>The Central Bank of Nigeria (CBN) has injected another $124m totalling $321m into the foreign exchange market within just three trading days.<\/div>\n<div><\/div>\n<div>According to credible sources, the apex bank first pumped $197m into the FX market on Friday, followed by an additional $124m on Monday morning\u2014an amount that was reportedly absorbed by the market before 10 a.m.<\/div>\n<div><\/div>\n<div>The intervention comes on the heels of global economic tension exacerbated by recent tariff hikes announced by U.S. President Donald Trump, which have placed additional pressure on emerging markets, including Nigeria.<\/div>\n<div><\/div>\n<div>Despite ongoing concerns over the nation\u2019s foreign reserves, financial experts have largely thrown their weight behind the CBN\u2019s aggressive defense of the naira.<\/div>\n<div><\/div>\n<div>Prominent economist Bismark Rewane supported the bank\u2019s strategy, describing it as a \u201cneeded fiscal intervention to bring the local currency on track.\u201d<\/div>\n<div><\/div>\n<div>Speaking in a follow-up to his earlier remarks on Channels Television, Rewane noted that Nigeria had previously spent up to $8bn in its efforts to prop up the naira.<\/div>\n<div><\/div>\n<div>\u201cSupporting an undervalued currency is necessary,\u201d he said, emphasising that currency defense falls within the core mandate of any central bank.<\/div>\n<div><\/div>\n<div>He added that the naira is currently undervalued by approximately 26.35 per cent, making it economically sensible for the CBN to step in to correct market misalignments. Rewane also referenced similar interventions by other countries facing comparable fiscal pressures.<\/div>\n<div><\/div>\n<div>The impact of the CBN\u2019s latest moves is already being felt in the market. As of Monday, the naira was trading at N1,549.75 per U.S. dollar in the open market\u2014just N17 stronger than what was recorded by the West Africa Money Agency earlier the same day.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Daniel Adaji The Central Bank of Nigeria (CBN) has injected another $124m totalling $321m into the foreign exchange market within just three trading days. According to credible sources, the apex&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":112370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[5,1],"tags":[],"class_list":["post-117150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Nigeria defends naira, spends $321m in three days - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/uncategorized\/nigeria-defends-naira-spends-321m-in-three-days\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria defends naira, spends $321m in three days - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"Daniel Adaji The Central Bank of Nigeria (CBN) has injected another $124m totalling $321m into the foreign exchange market within just three trading days. 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