Naira strengthens as CBN injects $210m into forex market


February 6, 2018 | 1:20 pm
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In this photo taken Tuesday Oct. 20, 2015, a money changer counts Nigerian naira currency at a bureau de change, where a dollar buys 222 naira compared to the official rate of 198, in Lagos, Nigeria. The IMF is pressing Nigeria to further devalue its naira currency amid uncertainty over the political and economic outlook for Africa's biggest oil producer and economy. Analysts said there's disappointment that President Muhammadu Buhari's long-awaited Cabinet list includes no economic stars. The naira has lost 25 percent of its value in the past year and the stock market has plummeted because of political uncertainty and halved prices for oil that provides most government revenue.(AP Photo/Sunday Alamba)

Nigeria’s currency market maintained stability as the Central Bank of Nigeria (CBN) on Monday injected another $210 million, which helped shore up the value of the naira. The apex bank intervention was part of measures to ensure the availability of forex and also meet customers’ requests in various segments of the market. Figures obtained from…

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February 6, 2018 | 1:20 pm
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