$500M has been sold to stabilise Naira- CBN

Central Bank of Nigeria, CBN, yesterday sold $500 million at the bi-weekly foreign exchange auction to forestall depreciation of the naira.

The amount sold represents 66 percent increase when compared to $300 million sold per previous foreign exchange auctions. The increase represents a strong signal from the apex bank about its determination to stabilise the naira.

However, despite this increase, the naira depreciated by 10 kobo at the inter-bank foreign exchange market yesterday.

From N159 per dollar, the interbank exchange rate rose slightly to N159.10 per dollar. But at the official market, the naira remained stable, as the official exchange rate remained N155.75 per dollar

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