The naira on Thursday, June 23, dropped to N283 to dollar despite dollar injection of $76.8 million into the market by the Central Bank of Nigeria, CBN.
The dollar pump into the market was the fourth in row by the Central Bank of Nigeria to boost forex liquidity in the nation’s money market.
The apex bank is selling dollars on the interbank market for the fourth day to ease dollar shortages after it floated the currency, traders said.
According to traders, dollar liquidity was tight despite the fact that the nation discarded a peg on the naira to allow currency trade freely at the interbank market, leaving the CBN as the main supplier of hard currency.
