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LequteMan
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In an effort to stop the depreciation of the Naira against the Dollar, the Central Bank of Nigeria according to Daily Mirror has asked commercial banks to start bidding for the dollar.
Excerpt:
The Central Bank of Nigeria, CBN, yesterday asked 21 commercial banks in the country to bid for $2m each, as it did the previous day, selling dollars onto the foreign exchange interbank market to try to support the country’s ailing naira currency, dealers told Reuters.
The currency weakened to a fresh intraday low of N173.95 per dollar before the CBN intervened. It then recovered to N172.60 but was still down 2.85 per cent from the previous day’s close.
Despite interventions, the naira has continued to close well above the central bank’s trade band of N150 to N160 – a range it burst out of in May and which appears to have become merely cosmetic.
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#CBN #Naira #Dollar
Excerpt:
The Central Bank of Nigeria, CBN, yesterday asked 21 commercial banks in the country to bid for $2m each, as it did the previous day, selling dollars onto the foreign exchange interbank market to try to support the country’s ailing naira currency, dealers told Reuters.
The currency weakened to a fresh intraday low of N173.95 per dollar before the CBN intervened. It then recovered to N172.60 but was still down 2.85 per cent from the previous day’s close.
Despite interventions, the naira has continued to close well above the central bank’s trade band of N150 to N160 – a range it burst out of in May and which appears to have become merely cosmetic.
click here to read more
#CBN #Naira #Dollar