The Central Bank of Nigeria (CBN) appears to be losing the battle to stabilise the naira.
The currency has remained just as volatile as ever, despite the apex bank’s efforts to find a lasting solution.
The past week was a particularly volatile one for the naira and it took the intervention of the CBN to patch things up.
The naira fell by as much as 6 percent on Tuesday, making a mess of expectations that a surprise monetary policy rate hike by the CBN on that day would help the embattled currency.
A dollar sold for as high as N1658.
