In a bid to save the naira from continuous decline, the Central Bank of Nigeria sold a total of $2.75bn at the Wholesale Dutch Auction System in the month of June. Information gathered by our correspondent on the CBN website showed that the external reserves dropped marginally to $36.6bn in […]
Tag: Naira
Nigerian interbank rates up on naira cash shortage
Nigeria’s interbank lending rates rose slightly this week to an average of 15.33 percent, from 15.16 percent last week, as naira liquidity fell, on large outflows to foreign exchange purchases, traders said on Friday. Nigeria’s central bank had sold a total of $601 million at its bi-weekly foreign exchange auction […]
Naira strengthens on oil companies’ dollar sales
The naira currency firmed against the United States dollar on the inter-bank foreign exchange market on Wednesday, supported by large dollar sales by units of two energy multinational companies and a slowdown in demand. The naira closed at N162.55 to the dollar on the inter-bank market, slightly higher than the […]
