The Central Bank of Nigeria (CBN) has injected $41 million into the official foreign exchange market, helping the naira hold firm at around ₦1,549 per dollar despite rising corporate demand for the greenback.

According to sources, the dollars were sold to authorised dealers at rates between ₦1,546.15 and ₦1,550. The move comes as part of efforts to bolster market liquidity, though July’s interventions remain modest compared to the $580 million pumped in during May.

“The intervention aimed to boost liquidity after a surge in corporate demand for dollars earlier in the week,” the report stated.

Despite the CBN’s action, Nigeria’s gross external reserves have dipped below the $38 billion mark, signaling continued capital outflows and investor caution.

Meanwhile, global oil markets reacted sharply to rising geopolitical tensions between Israel and Iran. Brent crude surged by $2.15 (2.8%) to $78.85 per barrel, while U.S. West Texas Intermediate (WTI) climbed $2.06 (2.7%) to $77.20 per barrel.

“Investor concerns over possible U.S. involvement in the conflict contributed to the price surge,” the report noted. However, analysts believe the hike may be temporary unless the tensions persist.

Gold prices, on the other hand, remained largely stable. Spot gold slipped 0.1% to $3,365.79, while U.S. gold futures dipped 0.7% to $3,382.80, as markets balanced geopolitical fears with expectations of a prolonged tight monetary policy from the U.S. Federal Reserve.