Similarly, at the black market, the Naira lost N15 on Tuesday as it exchanged N1,615 per dollar from N1,600 last week Friday. A further analysis showed that Naira has been on the decline since last week on the back of the Central Bank of Nigeria's Retail Dutch Auction System. Recall that the apex bank's commenced the Foreign Exchange auction at the beginning of August to curtail the FX demand spike.
The rDUS saw CBN sell $876.26 million to end-users through the banks. However, weeks into the initiative, the Naira has lost its steam. This is why the President, Association of Bureau De Change Operators, Aminu Gwadabe said the apex bank is inconsistent with its FX interventions. Meanwhile, the CBN in a statement by its spokesperson, Sidi Hakama on Tuesday reiterated that its policies and interventions would guarantee FX stability in the country.
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