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The naira yesterday firmed against the dollar following the intervention of the Central Bank of Nigeria (CBN) at the interbank foreign exchange (FX) market.
The CBN yesterday sold undisclosed amount, which helped shore up the value of the naira by N2.25k. The naira closed at N314.75k against the dollar, which was 0.71 percent drop compared with N317 it closed the previous day.
Nigeria’s foreign reserves declined to $25.97 billion as of Monday, August 8, about 0.55 percent fall compared with $26.06 billion on August 1, according to data on CBN website.
At the parallel market, the naira fell slightly by N1, closing at N395/$ or 0.25 percent yesterday from N394/$ on Wednesday. The local currency closed stable at N387 per dollar at the autonomous market, BusinessDay findings show.
However, the CBN is expected to continue it intervention role by selling FX at the interbank market next week, while the investors stay on the watch, currency dealers said.
Nigeria’s central bank is expected to offer support to the naira with FX sales next week, while the Ghanaian, Kenyan, Ugandan and Tanzanian currencies are expected to hold steady, Reuters report.
