The naira’s recent surge showed signs of cooling in the official foreign-exchange market after the Central Bank of Nigeria (CBN) stepped in to mop up dollars, moderating the pace of the currency’s appreciation.
After a strong run in previous sessions, the local currency slipped marginally for the sixth consecutive trading day in the Nigerian Foreign Exchange Market (NFEM). Data published by the apex bank showed the naira weakened by 74 kobo to close at N1,356.11 per dollar on Wednesday, compared with N1,355.37 on Tuesday.
Market participa
The naira’s recent surge showed signs of cooling in the official foreign-exchange market after the Central Bank of Nigeria (CBN) stepped in to mop up dollars, moderating the pace of the currency’s appreciation.
After a strong run in previous sessions, the local currency slipped marginally for the sixth consecutive trading day in the Nigerian Foreign Exchange Market (NFEM). Data published by the apex bank showed the naira weakened by 74 kobo to close at N1,356.11 per dollar on Wednesday, compared with N1,355.37 on Tuesday.
Market participa