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AFRICA
Nigerian Currency Slides 5% After Central Bank Injects More Than $80 Million Into Forex Market


By Terence Zimwara
Mon May 20 3:45:41 EST 2024
The Nigerian naira continued with a downward which recently saw it being named the worst-performing currency when it slid by just over five per cent to erase the previous day’s gains. The naira’s depreciation is said to have occurred just a day after the central bank intervened by injecting between $80 million and $100 million.
Central Bank Intervenes to Increase Liquidity
The Central Bank of Nigeria’s (CBN) recent efforts to bolster the struggling local currency appear to have hit a roadblock after depreciating to a two-month low. The currency is reported to have depreciated despite the injection of between $80 million and $100 million into the foreign exchange market.
