Welcome to henry jex blog/Breaking news
- Naira has dropped one point to close the day at N381/$1 from N380/$1
- CBN has disclosed it has plans to sell $100 million at a special wholesale spot and forwards auction
- The idea is aimed at improving Dollar liquidity and ease pressure on the Naira
The Nigerian Naira on Monday, May 22, crashed slightly against the American Dollar at the parallel market.
The local currency dropped one point to close the day at N381/$1 from the previous rate of N380/$1, but maintained same rate of N490 and N420 against Pound Sterling, and Euro respectively
The Naira depreciation comes at a period when the Central Bank of Nigeria (CBN) has revealed plan to sell $100 million at a special wholesale spot and forwards auction, on Monday, May 22.
According to CBN, the move is aimed at improving Dollar liquidity, and ease pressure on the Naira.
READ ALSO: BREAKING: Kano Assembly suspends probe of Emir Sanusi after Osinbajo, IBB intervention
Dollar to Naira
PAY ATTENTION: Read the news on Nigeria’s #1 news app
Despite having the largest economy, Nigeria has been struggling with a currency crisis brought on by low oil prices which have hammered its foreign reserves and created chronic dollar shortages.
However, the CBN has resorted to regular injections of Dollars to narrow the spread between the official and black market rates.
The apex bank has sold more than $4 billion to various sectors of the economy since it started intervening on the official market in February.
And according to currency traders, the increased liquidity in the black market has helped to ease pressure on the Naira.
The Naira has appreciated on the black market from its record low of N520/$1 in February, before the central bank's intervention in the foreign exchange market.
- Naira has dropped one point to close the day at N381/$1 from N380/$1
- CBN has disclosed it has plans to sell $100 million at a special wholesale spot and forwards auction
- The idea is aimed at improving Dollar liquidity and ease pressure on the Naira
The Nigerian Naira on Monday, May 22, crashed slightly against the American Dollar at the parallel market.
The local currency dropped one point to close the day at N381/$1 from the previous rate of N380/$1, but maintained same rate of N490 and N420 against Pound Sterling, and Euro respectively
The Naira depreciation comes at a period when the Central Bank of Nigeria (CBN) has revealed plan to sell $100 million at a special wholesale spot and forwards auction, on Monday, May 22.
According to CBN, the move is aimed at improving Dollar liquidity, and ease pressure on the Naira.
READ ALSO: BREAKING: Kano Assembly suspends probe of Emir Sanusi after Osinbajo, IBB intervention
Dollar to Naira
PAY ATTENTION: Read the news on Nigeria’s #1 news app
Despite having the largest economy, Nigeria has been struggling with a currency crisis brought on by low oil prices which have hammered its foreign reserves and created chronic dollar shortages.
However, the CBN has resorted to regular injections of Dollars to narrow the spread between the official and black market rates.
The apex bank has sold more than $4 billion to various sectors of the economy since it started intervening on the official market in February.
And according to currency traders, the increased liquidity in the black market has helped to ease pressure on the Naira.
The Naira has appreciated on the black market from its record low of N520/$1 in February, before the central bank's intervention in the foreign exchange market.
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