The naira came under pressure yesterday at the official and interbank market as the Central Bank of Nigeria (CBN) failed to meet demand.
The regulator sold $250 million out of the $419.22 million demanded at the official bi-weekly auction. This made the naira to shed 71 kobo, 46 basis points (bps) or 0.46 per cent to close at N155.21. The CBN supplied all $333.82 demanded at N154.50? demanded at 154.50 to the dollar at its last auction on Wednesday.
Analysts say traders are convinced the Monetary Policy Committee (MPC) meeting would come out with any dramatic change that will alter the situation of things.
At the interbank, the naira shed 25 kobo to close at N158.90 to the dollar. Nigerian naira eased against the U.S dollar on both the interbank market and at the bi-weekly auction yesterday as demand for the greenback outpaced supply.
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