The Naira on Monday closed at N282 to the dollar, indicating a very marginal decline when compared with the closing figures for Friday.
The Central Bank of Nigeria (CBN), in furtherance of the new forex framework, sold an undisclosed amount of dollars on Monday in a bid to sustain trading and boost liquidity.
However, the interbank market traded a total volume of $32 million just before the market closed which traders attributed to central bank’s intervention.
The Buhari-led All Progressives Congress government has wavered for nearly a year and half before conceding to a devaluation of the Naira in the face of catastrophic decline in oil revenue.
The CBN, about a week ago, sold dollars at an auction to clear a backlog of demand and keep markets active. Hopes of increased forex supplies to the market remains deem as the apex bank retains its position as the major supplier of hard currency to the market.
However, traders continue to believe that the market will experience an upswing, with more breather for the Naira, given assurances by the Minister of State for Petroleum Resources, Ibe Kachikwu, that revenue generation will improve as oil supplies average 1.9million barrels per day (bpd) in the coming weeks.
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