Naira falls further to 313.5 against a dollar

The Naira continues its downhill turn against the dollar as it is now valued at 313.g against the US dollar.

According to Reuters, the naira on Tuesday closed at 199.40 to the dollar on the interbank market.

This happened after the Central Bank of Nigeria had directed commercial banks to fund their naira accounts ahead of its intervention in the forex market on Thursday.

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The CBN intervenes once a week at the interbank forex market to provide dollar liquidity for some eligible importers.

According to a dealer, “The overnight rate went up today to three per cent in the early trade but declined to two per cent after some banks funded their forex accounts,”

On Tuesday, commercial lenders’ credit balance with the central bank opened at N978bn ($4.94bn) before it called for the funding for forex purchases.