CBN Mops Up Naira with $200 Million
ABUJA: The Central Bank of Nigeria (CBN) mopped up $200 million in naira equivalent at the foreign exchange market as part of an effort to stabilise the local currency.
The authority stepped up forex market interventions at the beginning of the week after the naira spiralled downward for two weeks due to rising demand for US dollars for offshore payments.
The new round of FX intervention came after the authority sold $500 million last week, suggesting aggressive movement to keep the naira within the allowable band at the official window.
The naira has gained for three successive sessions due to substantial FX liquidity, supported by the CBN, foreign portfolio investors, exporters, and non-bank corporates, among others.
Daily FX data showed that the naira has gained from an open rate of N1405 per dollar this week to N1376 at the close of trading. #CBN Mops Up Naira with $200 Million Overnight Lending Rate Falls as Excess Liquidity Tops N7trn
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