The Central Bank of Nigeria said it will increase intervention in the foreign exchange market and intensify liquidity mop up in the interbank money market in a bid to avert further depreciation of the naira
The naira depreciated to its lowest level in eight months last week recording a decrease of 72 kobo as the exchange rate rose N361 per dollar.
Report shows the increased demand for dollars by foreign portfolio investors exiting the nation’s financial markets persisted last week prompting the CBN to intervene in the Investors & Exporters window for the second week while sustaining its weekly $210 million intervention in the interbank foreign exchange market.
