The Central Bank of Nigeria (CBN) has injected $197.71 million into the foreign exchange (FX) market, a move that could bring temporary relief to Nigerians struggling with the rising cost of goods and services.
While the CBN’s action is aimed at stabilising the naira, which fell to N1,600/$1 on Friday, many Nigerians are hoping it translates to lower prices in the markets. Importers of food, electronics, and fuel—who rely heavily on foreign exchange—have been hit hard by the naira’s weakness, passing costs down to consumers.
“I just want food prices to stop changing every week,” says Aisha Bello, a small restaurant owner in Abuja. “If the dollar goes down, maybe we can finally breathe.”
Businesses have welcomed the move, especially manufacturers who depend on imported raw materials. “This injection gives us some breathing space,” noted Chike Uba, a factory owner in Lagos. “But we need consistent supply of FX, not one-off fixes.”
CBN officials say the intervention is part of a broader strategy to calm market panic caused by global events like falling oil prices and new U.S. tariffs. But economic analysts warn that without long-term reforms and increased dollar inflows, the naira may remain under pressure.
For now, many Nigerians are watching closely, hoping this dollar injection turns into a ripple of relief at the pump, the shops, and the markets.
