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Nigeria's naira hit an all-time low of 350.91 to the dollar on Friday in one interbank market trade worth $1 million, Thomson Reuters data showed.
The currency began the day at 317.50 naira to the dollar. A total of only $2.01 million had been traded as of 1143 GMT.
The naira over the last few days appreciated, it closed N314.75 to the dollar on Thursday, stronger than the N317 to the dollar it closed on Wednesday.
The positive momentum displayed by the nation’s currency was attributed to an intervention by the Central Bank of Nigeria (CBN), which sold dollars to boost liquidity and help the naira to strengthen against the greenback.
The central bank asked some traders to bid for $1.5 million each, Reuters reported, adding that the Bank had been selling hard currency since this week.
The currency began the day at 317.50 naira to the dollar. A total of only $2.01 million had been traded as of 1143 GMT.
The naira over the last few days appreciated, it closed N314.75 to the dollar on Thursday, stronger than the N317 to the dollar it closed on Wednesday.
The positive momentum displayed by the nation’s currency was attributed to an intervention by the Central Bank of Nigeria (CBN), which sold dollars to boost liquidity and help the naira to strengthen against the greenback.
The central bank asked some traders to bid for $1.5 million each, Reuters reported, adding that the Bank had been selling hard currency since this week.
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