The naira weakened against the US dollar in the foreign exchange market, despite ongoing intervention sales by the Central Bank of Nigeria (CBN). Latest spot data revealed that the local currency depreciated by N5.23, closing at N1,537.62 per US dollar in the official market, as total FX intervention for the month surpassed $1 billion.
In March, the CBN ramped up dollar sales to authorized dealer banks in an effort to curb the naira’s decline amid rising foreign currency demand. The central bank maintained its intervention strategy, selling $29.70 million in its latest round, according to TrustBanc Financial Group Limited.
On Wednesday, the forex market saw the USD/NGN pair fluctuate between N1,528.00 and N1,541.00 before settling at N1,537.62.
