Currency Devaluation CBN spends $380M in 2 days to stop Naira decline

The money was spent within the space of two days after the CBN conducted special forex interventions to strengthen the local currency.

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Central Bank of Nigeria (CBN) Governor, Godwin Emefiele play

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele

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The Central Bank of Nigeria (CBN) has reportedly spent a sum of $380 million as part of efforts to stop the fall of the Naira.

The money was spent within the space of two days after the CBN conducted special forex interventions to strengthen the local currency, Reuters reports.

The Naira, on Monday, February 16, sold at 210 to the Dollar in the Bureau De Change (BDCs) segment and N213 at the black market.

In November 2014, the CBN stopped the sale of dollars to some categories of importers in order to curb the fall of Naira.

Also on January 28, CBN Governor, Godwin Emefiele, directed that only BDCs and banks with genuine demand for foreign exchange should get forex allocation adding that the CBN had put up measures to calm the strong volatility observed in the forex market to save the naira from further depreciation.

According to Bloomberg, the Naira has tumbled 17 percent over the past three months and may further decline to an exchange rate of N263 to the dollar.

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