Naira defies CBN policies, continues slump against dollar

The naira defied the Central Bank of Nigeria’s policy interventions as it depreciated against the dollar at the official foreign exchange market to start the week.
CBN data showed that the naira fell to N1,530.15 per dollar on Monday, from N1,517.24 last Friday; this means a loss of N12.91 on the official market.

Meanwhile, on the black market, the naira remained stable at N1,580 per dollar, the same exchange rate as last Friday.

Newspot reports that the Chief Executive Officer of Financial Derivatives, Bismark Rewane, said the apex bank had spent $8 billion defending the naira against other foreign currencies in recent months.

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