The Central Bank of Nigeria (CBN) defended the naira with $8.28 billion through its direct intervention within the first six months of this year, according to its half-year report.
The amount was given to different segments of the inter-bank foreign exchange (forex) market, the report said.
The forex sales were meant to manage the demand pressure and ensure exchange rate stability, which are within the core mandates of the apex bank.
As a result of the intervention, the naira has remained stable at both the official and parallel markets exchanging around N306/$ and N364/$ respectively in the first half of the year. Read more