The Nigerian currency lost 1.1 points to exchange at N362.3, weaker than N361.2 posted on Friday, while the Pound Sterling and the Euro closed at N497 and N429, respectively.
The Nigerian currency had exchanged at N520 to the dollar at the peak of onslaughts by currency speculators before the CBN stated intervening by injecting foreign exchange in the market
In commodity markets, gold softened 0.7 per cent to 1,337.81 dollars an ounce and away from a one-year peak of 1,357.54 dollars.
At Monday’s Forex trading, the CBN offered the sum of $100,000,000 as wholesale interventions and allocated the sum of $50,000,000 to the Small and Medium Enterprises forex window.
The fresh injection was done on Monday
Currency traders said the liquidity boost at the FOREX market had forced the naira to appreciate
Speaking on the development, the Acting Director of Corporate Communications at the CBN, Isaac Okorafor, said the inability of authorized dealers to pick up the whole amount offered was a pointer to the fact that there was enough foreign…
Indications of excessive liquidity in the market emerged on Thursday last week when operators could only pick a little over $39 million out of the $100 million offered for bid by the apex bank