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Thursday 13th August 2020,
Hope for Nigeria

Nigeria central bank intervenes to support naira

Nigeria’s central bank intervened on Friday to help the naira recover to around 161.85 to the US dollars, after it weakened to around 164 earlier in the session.

Dealers said the regulator told lenders to bid for a minimum of $5 million each, to boost dollar liquidity on the interbank market. The naira on Thursday fell to 167, an all time intraday low, before central bank intervened.

Deputy central bank governor Sarah Alade said on Thursday that the bank had the ability and will to defend the currency, but the regulator has spent billions of dollars in foreign reserves doing so over the past year.

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