The Naira weakens against the Dollar for a second day, at the interbank section of the forex market yesterday, reversing an earlier gain attributable to increased demand for the dollar.
The native currency fell zero.1 p.c to N157.8 to a dollar on the interbank market, in keeping with knowledge compiled by Bloomberg.
The Central Bank of Nigeria (CBN) had sold $150 million at the bi-weekly forex auction on Monday as banks bought the complete quantity that was offered by the regulator.
The marginal rate, that is additionally used because the prevailing exchange rate, had depreciated at the Wholesale Dutch Auction System (WDAS)) by zero.1 p.c to N156.01/$1, compared with the N155.90/$1 at the previous sale on February twenty nine.
Bloomberg quoted Analyst at Ecobank Transnational Incorporated, Paul-Harry Aithnard, wrote in an exceedingly note to shoppers that “The naira can stay harassed from a structural imbalance between native dollar provide and demand.”
The CBN sells at a bi-weekly forex auctions and via interbank trading to take care of exchange-rate stability.
Fuel imports are a supply of pressure on the forex market, CBN’s Deputy Governor, Mr. Tunde Lemo, had told a fuel subsidy probe panel.