Naira eases against dollar despite CBN’s $300m intervention

The nation’s currency, the naira, yesterday weakened against the US dollar, losing 10 kobo at the inter-bank market to close at N158.40/$ compared to N158.30/$, data from the Nigeria Markets Dealers Association (FMDA) have shown.

This is in spite of the intervention of $300 million by the Central Bank of Nigeria (CBN). The CBN yesterday offered $300 million and sold $300 million to 19 successful deposit money banks that participated at the bi-weekly Wholesale Dutch Auction System (WDAS) at N155.74/$.

Analysts have attributed the depreciation of naira to increased demand for the greenback by the end users.

However, the local currency yesterday remained stable at the official, bureau de change and parallel markets closing at N155.74/$ and N159.00/$ and N159.50/$, respectively.

HOPE MOSES-ASHIKE