Naira has weakens to 410/dollar

The Nigeria naira Yesterday, had weakened to 410 per dollar against the United States currency, down from 405/dollar recorded on Monday, despite the Central Bank of Nigeria’s attempt to improve dollar supply and prop up the local unit.

The CBN had on Monday auctioned $100m in forwards to be settled between one week and 30 days’ time, as against 60-day contracts it had written previously, shortening the settlement period on forward contracts to inject liquidity.

The Acting Director, Corporate Communications of the CBN, Mr. Isaac Okorafor, explained that the apex bank’s special intervention was necessitated by its findings that a large number of the SMEs were being crowded out of the forex space by large firms.


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