Naira hits all-time low per dollar on interbank market; CBN intervenes

Nigerian naira traded at an all-time low of 350 to the dollar on Tuesday in a single interbank market trade of $100,000, according to a report by Reuters.

Reuters further reported that the currency was offered at 313 naira to the dollar and a total of $3.11 million had been traded by 1230 GMT.

As a result of the naira dip, the Central Bank of Nigeria (CBN) intervened on the interbank foreign exchange market on Tuesday to help support the naira after it hit the all-time low of 350 to the dollar in thin volume, traders said.

The naira closed at 310.50 to the dollar following the bank’s intervention. A single trade of $100,000 was carried out at 350 to the dollar.