CBN sells dollars to lift Naira off all-time low on Interbank market
The Central Bank of Nigeria intervened on the interbank foreign exchange market on Tuesday to help support the naira after it hit an all-time low of 350 to the dollar in thin volume, traders said.
The naira closed at 310.50 to the dollar following the bank’s intervention. A single trade of $100,000 was carried out at 350 to the dollar. A total of $6.86 million traded on Tuesday.
Nigerian naira traded at an all-time low of 350 to the dollar on Tuesday in a single interbank market trade of $100,000, Thomson Reuters data showed. The currency was offered at 313 naira to the dollar and a total of $3.11 million had been traded by 1:30 PM Tuesday, in Nigeria.