Naira Closes at 390/dollar as CBN Sells $100m

• Naira Closes at 390/dollar as CBN Sells $100m

The naira depreciated from 388 per United States dollar on Wednesday to 390/dollar on Thursday as the Central Bank of Nigeria continued to intervene in the foreign exchange market to boost the local currency.

The local unit has been hovering between 385/dollar and 390/dollar in the last one week.

Currency and financial experts have said the local currency may not appreciate above 380/dollar despite the spate of dollar sale by the central bank.

The CBN on Thursday sold $100m to authorised dealers.

The regulator in a statement said the sale was meant to meet the requests of wholesale customers at the forex auction in the interbank wholesale window.

The Acting Director, Corporate Communications Department at the CBN, Isaac Okorafor, who confirmed this, said no intervention was made in the retail window on Thursday.

He, however, said the bank had continued its weekly sale of forex to the Bureau de Change segment to meet the needs of low-end users.

Furthermore, he said the CBN had observed that quite a good number of dealers were adhering to the forex guidelines.

Nevertheless, he said the CBN would continue to monitor the activities of authorised dealers to ensure that no outfit or individual circumvents the laid down forex rules.

While urging all concerned to put the Nigerian economy first, he reiterated that the CBN was determined to guarantee the international value of the naira.