The Central Bank of Nigeria (CBN) has injected $1.25 billion into the foreign exchange market to support fuel importation and other critical sectors of the economy. The intervention aims to ease pressure on the naira and ensure steady supply of petroleum products amid rising global oil prices.

According to reliable sources within the apex bank, a significant portion of the funds is directed towards importers of Premium Motor Spirit (PMS), aviation fuel, and essential raw materials for manufacturing industries. The move comes as part of CBN’s renewed commitment to stabilise the exchange rate and curb inflationary pressures threatening Nigeria’s economic recovery.

Analysts say the intervention reflects efforts by the Tinubu administration to address lingering foreign exchange shortages that have disrupted trade and driven up fuel prices. The CBN reaffirmed its resolve to continue targeted interventions to strengthen the naira and restore investor confidence in Nigeria’s economy.