Naira Drops To N284 To Dollar As Interbank Lending Rates Soar

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The value of the Naira further dropped to N284 per dollar on Tuesday, June 21, just as interbank lending rates rose due to the liquidity concerns.

Although the local currency had firmed to N281 during the day, it weakened to N287 before closing the market at N284 to the dollar.

According to traders, the market had relaxed during the day as they awaited another intervention by the CBN or dollar sales from oil companies.

At the end of business yesterday, total trades was put at $73 million of which $31 million, about 43 per cent of total trades was sold by the CBN as intervention, at rates ranging between N282 and N285 to the dollar.

The exchange rate had however remained stable at the parallel market as the greenback sold at N345 to the dollar, the same price it was on Monday.

 

(Bizwatch)

 

 

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