Naira Closes at New Low of N173.20, Despite CBN Intervention

The naira closed at a new low of N173.20 against the dollar on Monday, down 1.21 percent in volatile trades, despite central bank intervention to prop up the currency, dealers said.
The regulator asked lenders to bid for $2 million each in a move to shore up the local currency, but commercial banks avoided the forex auction as the central bank was restricting the re-sale margins to curb speculation.
The naira closed at N171.10 on Friday. 

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