Home Business CBN intervention fails to stem the fall of Naira

CBN intervention fails to stem the fall of Naira

by Kunle Awosiyan
CBN

Naira depreciated to new lows across many markets as continuing Central Bank of Nigeria (CBN)’s intervention failed to stem the fall of the Nigerian currency at the official and parallel markets.

The naira depreciated against the dollar by zero point three per cent or one naira three hundred and eighty nine.zero five naira per dollar at the official Investors & Exporters (I & E) window.

Activity level at the I & E window also dropped by thirty three percent to one hundred and thirty million dollars as Nigeria’s foreign reserves declined by eighty six point seven million dollars to thirty six point zero billion dollars at the weekend.

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