The naira has taken a
further plunge at the interbank market on Friday, to trade at 330 against the
dollar, losing over N20 to the foreign currency in less than 48 hours.
The local currency, which
sank to a record low of 310 to the greenback on Thursday, closed below 300,
following trading with the foreign exchange market.
According to Reuters, the
naira slipped to 298.50 per dollar on thin volumes at market open and extended
losses to trade a total volume of $26.97 million on Friday afternoon in Lagos.
The Central Bank of
Nigeria (CBN) intervened in the market to stem the slide of the naira, taking
bids from primary dealers, in order to shove the naira back up.
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