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The naira on Monday appreciated 0.81% to 305.50 to the dollar at the inter-bank market, forty -three days after the Central bank of Nigeria introduced the flexible exchange rate policy.
The capacity to defend the currency has also continued to drop as the external reserves of the country has dipped to $25.754 billion as at August 17, 2016 according to the latest figure released by the Central Bank of Nigeria.
The CBN has been selling dollars to boost liquidity and support the naira.
The overnight naira interbank lending rate hit 21.75 per cent on Monday. The overnight naira interbank lending rate had soared to 25 per cent on Friday, having hit 22 per cent the previous day.
It stayed ultra-high on Friday, quadrupling from 6.26 per cent since Wednesday as the CBN took steps in the debt and currency markets to prop up the ailing local currency.
The CBN sold dollars on Thursday and Friday. It also sold about N236bn ($776m) of open market operations treasury bills on Thursday, which sent the banking system into a deficit of around N39bn on Friday.
Naira Watch: Tracking Nigeria's Currency [Day 42]
Friday Closed: 308.75
Today Open: N344.50
High Rate: N345
Low: N314.50
Related: President Buhari Seeks Emergency Powers From National Assembly
The capacity to defend the currency has also continued to drop as the external reserves of the country has dipped to $25.754 billion as at August 17, 2016 according to the latest figure released by the Central Bank of Nigeria.
The CBN has been selling dollars to boost liquidity and support the naira.
The overnight naira interbank lending rate hit 21.75 per cent on Monday. The overnight naira interbank lending rate had soared to 25 per cent on Friday, having hit 22 per cent the previous day.
It stayed ultra-high on Friday, quadrupling from 6.26 per cent since Wednesday as the CBN took steps in the debt and currency markets to prop up the ailing local currency.
The CBN sold dollars on Thursday and Friday. It also sold about N236bn ($776m) of open market operations treasury bills on Thursday, which sent the banking system into a deficit of around N39bn on Friday.
Naira Watch: Tracking Nigeria's Currency [Day 42]
Friday Closed: 308.75
Today Open: N344.50
High Rate: N345
Low: N314.50
Related: President Buhari Seeks Emergency Powers From National Assembly
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