The Central Bank of Nigeria’s (CBN) recent disbursement of $148 million to authorized dealers has failed to stem the tide of the naira’s depreciation, with the currency trading at N1,593 to the dollar at the parallel market.
The CBN’s intervention, aimed at stabilizing the foreign exchange market, was conducted on Monday and Tuesday, with exchange rates ranging between N1,470 and N1,510 to the dollar.
However, the naira has continued to weaken, raising concerns among businesses and consumers about rising import costs and increasing inflationary pressures.
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According to the CBN’s statement, the sales were conducted to “promote market stability and reduce volatility.”
Despite this, the naira has depreciated further, trading above N1,600 to the dollar at the official market.
