Tumbling naira tests CBN resolve to build reserves

The naira fell to a fresh low in both the official and unofficial markets Monday as dollar liquidity tumbled, testing the Central Bank’s resolve to prioritize building its external reserves over defending the currency. The currency fell to a 9-month low of N1,740 per dollar at the unofficial market Monday and weakened by some 4.3 percent to N1,670.65 per dollar at the official market, the most since October 15. The naira weakness followed a 72 percent decline in dollar liquidity to $81 million - its lowest level in more than a month. “