Naira closes at record low of N184.10 despite CBN intervention

The Central Bank of Nigeria (CBN) sold an undisclosed amount of dollars to lenders on Monday to try to halt the slide of the Naira currency, but dealers said it was not sufficient to lift it.

The unit closed at a record low of 184.10 Naira to the dollar, 2.9 percent weaker than its previous close on Friday.

The Naira had initially

Global liquidity to drive naira value as CBN confronts new era

The level of global liquidity will increasingly determine the naira – dollar exchange rates as the Central Bank of Nigeria (CBN), confronts a new era of a domestic economy that is more closely integrated and co-related with the global economy.

Analysts say the naira value will be influenced mostly by events outside the control of the CBN. These are the level of global liquidity as U.S economic stimulus or quantitative easing (QE) begins to get rolled back, which in turn will affect the price of oil.

“The outlook for the naira is hinged on the relative availability of liquidity in the global economy,” said Ayo Teriba, CEO of Economic Associates, a risk analysis and research firm.

The naira traded at N163.93 against the

Naira falls 55k against dollar amidst CBN’s defense

In spite of the Central Bank of Nigeria (CBN)’s intervention through foreign exchange auction, the nation’s currency naira on Monday weakened by N0.55k against the US dollar at the inter-bank market.

The CBN on Monday offered a total of $350 million but sold a total of $349.9 to 22 deposit money banks at rate of N155.75/$ at its twice weekly Dutch Auction System (RDAS).

Consequently, the local currency on Monday closed at N163.85/$ as against N163.30 on Friday last week, according data obtained from Financial Markets Dealers Quotation (FMDQ).

Analysts had anticipated sustained pressure on the local currency this week in spite of expected dollar sales from oil companies.

“Dollar demand from politicians holding their assets in hard currency ahead of elections next year has increased pressure on the local currency,” one dealer told Reuters.