The naira, at the interbank or Spot FX market, on Wednesday, October 26, closed at N306.78 to the dollar boosted by interventions from the Central Bank of Nigeria.
The Nigerian currency, had on Monday, October 24, remained static at the interbank market exchanging for N305 to the U.S dollar, the same rate at which it exchanged for on Friday, October 21.
The apex bank has struggled to support the local currency as its dollar reserves have continued to take a plunge with the rising volatility and uncertainty in the money market.
The dollar shortage which is an offshoot of the interventions by the central bank has continued to take a toll on the nation’s economy at large.
Meanwhile, yesterday, the naira slid to N460 to the dollar at the parallel market, compared with the N455 to the dollar on Tuesday, October 25.
