Naira: Currency trading for N305/Dollar on interbank market after CBN intervention.

On the black market, the Naira didn't do as well as it closed at N455 to a Dollar on Monday, October 17, 2016.

The Naira, on Monday, October 17, 2016, traded for N305 to a Dollar, thanks to intervention from the Central Bank of Nigeria (CBN).

Traders, speaking to Pulse Business, said the Naira has closed at around the N300-N350 mark for the past two months on the interbank market.

The traders also revealed that the CBN sold about $1.5 million towards the end of trading on Monday after a standstill on deals for the first four hours of trading.

On the black market, the Naira didn't do as well as it closed at N455 to a Dollar on Monday, October 17, 2016. However, that is much better than the N460/Dollar it closed at the previous week.

Just last month, the Naira had weakened to a record low of N495 to a Dollar on the parallel market.

In other news, the CBN held a forward auction last Friday in a bid to clear a backlog of demand from airlines, manufacturers and other companies, as Nigeria continues to battle its currency crisis.


Folarin Okunola.
Culled from Pulse NG.