The Central Bank of Nigeria has debited N122Billionaira ($338m) from banks excess cash which caused the money market to fall by 25%, with the apex bank before weakening the currency at a retail auction, in a move to unify its multiple exchange rates.
On Friday, The Central Bank of Nigeria’s main forex supplier asked lenders to bid for Dollars at N380 to the Dollar 5% above its official rate to generate more local currency from its Dollar inflows and further achieve of naira stability.
The Naira had opened weaker at 387 against the Dollar on the over-the-counter and It further weakened to N462 at the black market on Monday.
