In spite of $400 million intervention by the Central Bank of Nigeria (CBN), the nation’s currency, the naira, yesterday eased against the US dollar losing 20 kobo at the inter-bank market.
Naira closed at N158.30/$ weaker than N158.10/$ on Friday, data from the Financial Markets Dealers Association (FMDA) indicated.
Edgar Ebinum, analyst from Cowry Asset Management Limited, told BusinessDay in a text message that demand for forex increased particularly at the inter-bank market as dealers bid in advance of the May Day public holiday which will keep the official window closed.
Traders attributed the depreciation of naira to lack of month-end inflows from oil companies to meet end users’ demand for the greenback.
The CBN yesterday offered $400 million but sold $371.7 million to 20 deposit money banks that participated at the bi-weekly Wholesale Dutch Auction System (WDAS) at N155.74/$.
