Nigerian Central Bank Intervention Fails to Stem Naira Slide
- Liquidity more than doubles after central bank sells dollars
- Regulator likely to raise rates next week to attract inflows
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Central bank intervention this week failed to stop slide in Nigeria’s naira to a two-month low ahead of a rate decision Monday.
The naira weakened 5.1% on Thursday to 1,533.99, the weakest level against the dollar since March 20, according to prices provided by FMDQ, the trading platform that sets the official rate. That reversed a 4% gain the previous day as after the central bank sold dollars in the market to boost liquidity.