Naira Gains Again As Cbn Pumps More Forex Into Markets
BEVERLY HILLS, February 27, (THEWILL) -The Central Bank of Nigeria (CBN) Monday said it sold $80 million to retail customers and another $100 million in currency forwards to increase dollar liquidity and support the naira.
The apex bank in a statement revealed that it sold $80 million to cover consumer demand and another $100 million via the wholesale forward market.
Traders said banks offered central bank dollars to customers at 375 naira.
THEWILL recalls that Nigeria, since last year, has been battling dollar shortage caused by the sharp drop in oil revenues .
The naira, which had weakened to 520 to the dollar on the streets, firmed to a more than three-months high, with buy rates at N400, N410, N420, N430, $440 before closing at N460 on Friday , after several interventions by the central bank on the official market.
CBN spokesman, Isaac Okoroafor, said the central bank would ensure a steady supply of foreign exchange to the market. The naira closed at a buy rate of N430 Monday .