In view of the increasing pressure faced by the naira, which recorded its worst year-to-date performance against the United States dollar last Friday, the Central Bank of Nigeria (CBN) has assured Nigerians that there is no cause for alarm over the nation's currency.
CBN Deputy Governor (Operations), Mr. Tunde Lemo, told THISDAY at the weekend that the central bank would continue to defend the naira.
According to data gathered from the Financial Market Dealers Association (FMDA), except at the regulated Wholesale Dutch Auction System (WDAS), where the central bank regulates the price of the naira against the dollar, the domestic currency dipped remarkably across other market segments, compared to its value at the beginning of the year.
