The naira weakened for the second consecutive session on Tuesday after the Central Bank of Nigeria sold the United States dollar at its highest level ever on the official interbank market.
Traders said the CBN sold $1.5m at N305.75 per dollar. Commercial lenders then resold dollars at a 0.50 naira margin, leaving the naira at 306.25 at the close of the session, according to data from FMDQ OTC Securities Exchange.
The Federal Government unveiled a sweeping economic recovery plan last week that included the relaxing of foreign exchange restrictions with a view to achieving a market-determined regime. The central bank later said it would not allow the naira to float freely.
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