L
LequteMan
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The Interbank market on Monday pushed the value of the naira to N260 per dollar following interventions by the Central Bank of Nigeria, CBN.
The apex bank intervened to sell U.S. dollars into the market after a "managed float" failed to attract trading between banks due to liquidity concerns, traders said.
The central bank sold $532 million at 280 naira to the dollar at an auction to clear some of a mounting foreign exchange demand backlog, Reuters reports.
Following CBN's intervention, the currency traded at N260 per dollar. It exchanged at N253 per dollar after the first trading session.
The apex bank intervened to sell U.S. dollars into the market after a "managed float" failed to attract trading between banks due to liquidity concerns, traders said.
The central bank sold $532 million at 280 naira to the dollar at an auction to clear some of a mounting foreign exchange demand backlog, Reuters reports.
Following CBN's intervention, the currency traded at N260 per dollar. It exchanged at N253 per dollar after the first trading session.
