CBN sells $500 million at N280 per Dollar

dollar to naira

LAGOS, June 20 – The Central Bank of Nigeria (CBN) sold $500 million at N280 per dollar at the interbank market on Monday after a “managed float” of the Nigerian naira did not yield to trading between banks due to liquidity concerns according to traders.

Last week, CBN hinted at doing enough to aid the market upon implementation of the naira float and in the subsequent months to ensure liquidity.

As of 2pm, the naira was trading at the interbank market at N260.50 to a dollar, while the daily average holds at N247.

Interbank trading has been extended until 5 p.m. (1600 GMT).

Stay tuned to www.fxmallam.com for more updates through of the day and well into the evening.