The Naira, yesterday, fell for a second day as oil companies were said to have refrained from selling dollars in the market.
The Central Bank of Nigeria (CBN), upped foreign exchange at the first of its bi-weekly WDAS to $150 million. Like the last auction where the CBN sold all $50 million on offer, the entire $150 million on offer was sold yesterday as the Naira depreciated marginally by 0.01% to close at N155.75/US$ at the official window.
Foreign exchange sales by the CBN had declined substantially at recent auctions riding on dollar sales by oil majors in the autonomous market. The impact of the thinning dollar supply also reflected in the interbank market with the Naira dropping further by 34 kobo to close at N157.84 per dollar.