Naira Closes Down 1 Per Cent Despite CBN Intervention

Nigeria’s Central Bank intervened on the interbank market on Tuesday to prop-up the naira, but the local unit still closed down 1 percent owing to strong dollar demand, traders said.

The local currency closed at 180.50 to the dollar, compared with 178.70 a dollar on the previous day.

Dealers said dollar demand remain strong from offshore funds selling down their equity holdings.

“The amount of dollars sold by the central bank was not sufficient to support the naira,” one dealer said.

The local currency is seen trading around the 180 level until the end of the year, baring any major measure by the central bank, dealers said.