The local currency, the naira yesterday, further appreciated in value against the US dollar after the Central Bank of Nigeria (CBN) sold about $76.8 million at the inter-bank foreign exchange market.
Consequently, the naira strengthened by N1.13k or 0.4 percent to close at N281.67/$ as against N282.80/$ the previous day, BusinessDay findings revealed.
The interbank market opened at 0800 GMT with no activity for more than three hours. The Apex bank removed a peg on the naira to allow the currency to trade freely on the interbank market but traders said yesterday that dollar liquidity was tight, leaving the central bank as the main supplier of hard currency.
At the parallel market, naira depreciated by N2.00k or 0.58 percent as it closed at N342/$ compared to N340/$ the previous day. It also weakened against the dollar at the autonomous market by N3.00k or 0.89 percent. It closed at N338/$ yesterday from N335/$ the previous day.
HOPE MOSES-ASHIKE
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