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.

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Nigerian naira notes are seen in this picture illustration March 15, 2016. REUTERS/Afolabi Sotunde play Nigerian naira notes are seen in this picture illustration March 15, 2016. REUTERS/Afolabi Sotunde
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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.

Nigeria's central bank governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria January 26, 2016. REUTERS/Afolabi Sotunde/File Photo play Nigeria's central bank governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria January 26, 2016. REUTERS/Afolabi Sotunde/File Photo

 

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.

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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.

President Muhammadu Buhari leaves Nigeria for Germany on October 13, 2016 play

President Muhammadu Buhari leaves Nigeria for Germany on October 13, 2016

(Twitter)

 

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.

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