As part of its efforts
in ensuring that the Naira note maintains its standard in the exchange market the Central Bank of Nigeria (CBN) has intervened in the business of Dollars sales in the foreign exchange market.
In a statement issued by the Deputy Governor, Monetary Policy (CBN) Dr  Sarah Aladu pointed out that the naira note which had earlier lost six percent has been trading outside its preferred bond for a long time, while maintaining that they would continue to defend the currency.
According to the Deputy Governor, the local currency rose to N169.70 on the central bank intervention after hitting N173.05 in midmorning trading against the dollars.
“We would continue to defend the currency, we have always said that, revealed  Aladu, adding that the bank was comfortable with level of the country’s foreign reserves around $38 billion.
When asked how far the banks were willing to go to defend the naira, she said “the market would dictate that.”
She said that the last time the county  devalued its currency, oil prices were lower than now, even though the price is declining. “At the last time we did that (devalued), we didn’t have that kind of oil prices that we have now, so we are still comfortable” asserted Aladu.
The currency has come under pressure in the past two months from falling global oil prices, dampening the appetite for asserts in the economy.
The naira has touched new intra-day lows nearly every trading session on strong dollar demand partly from foreign investors unnerved by falling oil prices exiting Nigeria and from domestic importers worried about the risk of a currency devaluation.