Market News
CBN pumps $50m into FX market amidst pressure - DAILY TRUST
The Central Bank of Nigeria (CBN) has once again intervened in the forex market to ease pressure on the local currency.
The apex bank sold $50 million to authorised dealer banks to strengthen the supply side, a report indicated.
This is on a willing buyer, willing seller basis aimed at stabilising the exchange rate.
The naira started facing intense heat as FX inflows continued to reduce, while US dollar demand for foreign payment was on the rise.
The week started with the dollar exchanging for 1,447.7089/$ on Monday and by Wednesday, the local currency depreciated to 1,455.5981 even as it peaked to 1,460.5000 during the day before closing the day with 1,455/$.
Since the naira gained weight, the CBN has become less aggressive with FX sales.
