The Naira,in the early hours of trading on Tuesday, August 9, hit an all-time low of N350 per dollar in a single interbank market trade of $100,000.
However, interventions by the Central Bank of Nigeria, CBN, strengthened it to close at N310.50 against the dollar, Thomson Reuters data showed.
The intervention has helped to raise the value of the naira after it plunged to an all-time low of N350 to the dollar in thin volume, traders said.
The apex bank had in July caved in to foreign pressure to remove the 16-month-old 197-per-dollar peg on the naira it had brought in to try and control its fall as crude prices plummeted.
Investors welcomed the move, but many said they were still steering clear until the economy shows signs of concrete recovery. Trade has been thin and dollar liquidity tight, leaving the CBN as the main supplier of hard currency.
Also, report by Renaissance Capital (RenCap), an international investment and research firm, said the value of naira will crash further in the coming months, with the local currency expected to exchange for N390 to dollar by year-end.
