Naira remains stable as CBN sells forex worth $258.5m

The naira remained stable against the dollar on Monday as it exchanged at N155.76, a rating it has maintained for five consecutive trading sessions.

This is amid sales of $258.5m (N40.06bn) worth of foreign exchange at its bi-weekly Wholesale Dutch Auction System by the Central Bank of Nigeria (CBN).

The CBN had sold $263.67m at the previous WDAS on August 28.

Some dealers attributed the decrease in forex sales to the drop in oil price at the international market.

The number of banks that participated at Monday's auction was 20 against 18 at the previous auction, making it the highest since July 31.