• Wednesday, June 12, 2024
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FG spends $380m to defend naira over two days

Cashless transactions surge 88% to N237trn in Q1

The Central Bank of Nigeria (CBN) spent $380 million in two days to prop up its ailing naira, after it conducting special forex interventions to shore up the local currency.

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Latest data on the CBN website on Tuesday showed that reserves fell to $32.66 billion by February 16, down 1.2 percent from $33.04 billion by Feb. 13. Foreign reserves have fallen by 5.3 percent from a month ago.