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Thursday, 18 September 2014
Naira hit 3-month low, despite CBN intervention
The naira fell 0.34 percent to a three-month closing low of 163.45 against the dollar on Wednesday, despite the Central Bank of Nigeria (CBN) intervening for a second day to halt its slide, dealers said.
The unit fell as low as 163.70 naira on strong demand for dollars during intraday trade before the central bank’s action help it to recover to 163.45, a level last seen on June 16. The naira closed at 162.90 on Tuesday.