Nigerian Naira’s Sharp Drop Nullified CBN’s Efforts to Bolster Home Currency by Selling Euros and USD’s
The ongoing depreciation of the naira, which recently saw the Nigerian naira named the worst-performing currency when it fell by more than 5% at once, negating the previous day's gains, reportedly occurred shortly after the intervention of the central bank, which injected between 80 and 1100 million euros.
May 23, 2024