Yesterday, the dollar recorded its worst outing in more than three months against the naira, exchanging at N380/$1 in the parallel market. The rate comes ahead of tomorrow’s Central Bank of Nigeria (CBN) led Monetary Policy Committee (MPC) meeting in Abuja. The local currency was exchanging at N385/$1 on Friday and has maintained steady decline in the parallel market, in last one month.
However, at the official foreign exchange market, the CBN conducted its weekly Secondary Market Intervention Sales (SMIS) auction offering $100 million for spot and short tenored forwards as well as continued its daily Forex interventions in order to stabilize rates and improve dollar liquidity. As a result, rates at the interbank market appreciated from N304.60/$1 at the start of the week to settle at N304.45/$1 on Friday.