The Central Bank of Nigeria, CBN, sold dollars on the interbank currency market on Friday,July 22,as the value of the naira continues to fluctuate against the dollar
The apex bank sought bids of $5 million each from primary market trader after the naira-dollar rate crashed to a record low of 331 per dollar, traders said.
The naira firmed to 300 per dollar after the central bank of Nigeria sold dollars to calm volatile trades, traders said, Reuters reports.
Although the CBN had collapsed the nation’s exchange window with he newly introduced forex policy, the exchange rate is yet to stabilise at the currency market as expected.
