The naira weakened to 410 per dollar against the United States currency on Tuesday, down from 405/dollar
recorded on Monday.
This was despite the Central Bank of Nigeria’s attempt to improve dollar supply and prop up the local unit.
The CBN had on Monday auctioned $100m in forwards to be settled between one week and 30 days’ time, as against 60-day contracts it had written previously, shortening the settlement period on forward contracts to inject liquidity.
