In spite of $400 million intervention by the Central Bank of Nigeria (CBN), the nation’s currency, the naira, yesterday eased against the US dollar losing 20 kobo at the inter-bank market.
Naira closed at N158.30/$ weaker than N158.10/$ on Friday, data from the Financial Markets Dealers Association (FMDA) indicated.
Edgar Ebinum, analyst from Cowry Asset Management Limited, told BusinessDay in a text message that demand for forex increased particularly at the inter-bank market as dealers bid in advance of the May Day public holiday which will keep the official window closed.
Traders attributed the depreciation of naira to lack of month-end inflows from oil companies to meet end users’ demand for the greenback.
The CBN yesterday offered $400 million but sold $371.7 million to 20 deposit money banks that participated at the bi-weekly Wholesale Dutch Auction System (WDAS) at N155.74/$.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
