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Nigerian Central Bank Intervention Fails to Stem Naira Slide

Posted on AllSides May 17th, 2024
From The Left

Central bank intervention this week failed to stop slide in Nigeria’s naira to a two-month low ahead of a rate decision Monday.

The naira weakened 5.1% on Thursday to 1,533.99 , the weakest level against the dollar since March 20, according to prices provided by FMDQ, the trading platform that sets the official rate. That reversed a 4% gain the previous day as after the central bank sold dollars in the market to boost liquidity.

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https://bloomberg.com/news/articles/2024-05-17/ngn-usd-nigeria-s-naira-reverses-gain-to-dollar-after-cbn-intervenes

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