Naira weakens against dollar at investors’ window

Central bank of Nigeria (CBN)
Central bank of Nigeria building

The Naira on Wednesday weakened against the dollar at the investors’ window, the News Agency of Nigeria (NAN), reports.

The Nigerian currency lost 51kobo to exchange at N360.51, weaker than N360 traded on Tuesday, while the naira closed at N305.56 at the CBN window.

At the Bureau De Change (BDC) window, the naira closed at N362 to the dollar, while the Pound Sterling and the Euro traded at N505 and N445, respectively.

Trading at the parallel market saw the naira exchange at N363 to the dollar, while the Pound Sterling and the Euro traded at N505 and N445, respectively.

Meanwhile, the CBN has injected $210 million to boost liquidity at the foreign exchange market.

The CBN had remained committed in its aggressive interventions at the foreign exchange market.

The apex bank had injected over $16 billion to the foreign exchange market since February 2017, while the investors’ window has attracted over $20 billion since inception.

The liquidity boost by the CBN had curtailed volatility at the FX market and had also checkmated activities of speculators at the market.

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