Nigeria naira sinks to near 5-year intraday low as CBN restricts dollar sale

Date:

CBN bars banksNigeria’s naira sank to its lowest intraday level in almost five-years of 171.65 as the central bank moved to curb excess dollar demand at its foreign exchange auctions, instead shifting demand to the interbank market, amid tight supply, dealers said.

Nigeria’s central bank banned the sale of dollars to importers of telecom equipment, power generators and finished products at its foreign exchange auction, instead shifting demand to the interbank market, dealers told Reuters yesterday.

The central bank also restricted lenders and discount houses from placing more than 7.5 billion naira ($44 mln) each as deposits with the regulator, swelling interbank naira liquidity.

READ MORE  FG expresses commitment to building strong, vibrant capital market

The naira hit a new intraday low of 170.5 against the dollar on Thursday, falling 1.87 percent as the stock market continued to slide. (Reuters)

 

Never miss a moment! Get the stories shaping Nigeria, delivered straight to your phone. Follow Peoplesdaily Newspaper on WhatsApp for breaking news, exclusive reports, and the headlines everyone will be talking about, before anyone else.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

COAS Appoints GOCs For Newly Established Army Divisions 

COAS Appoints GOCs For Newly Established Army Divisions   The Chief...

Tinubu Approves Four New Army Divisions as Nigerian Army Expands Security Operations Nationwide

By Augustine Aminu The Nigerian Army has announced a major...

Keystone Bank partners Kewalram on auto loan financing

By Vivian Okejeme Keystone Bank Limited has reaffirmed its...