The naira made another quick rebound on Thursday, closing at N1,436.74, before ending the week stronger on Friday.
The local currency traded at N1,452.79 to the dollar on Monday, N1,448.20 on Tuesday, and N1,444.42 on Wednesday.
The naira depreciated in the official market on Monday, trading N1,498
The data confirmed the belief that Japanese authorities had intervened in the currency market.
Ms Hakama Sidi-Ali said the transactions were conducted on Monday and Tuesday to provide liquidity to the FX market.
Forex trading involves buying and selling currencies in pairs
“Aggressive tightening is the most appropriate response to the size of the challenge that we face right now,” he said.
Due to the current intricacies of the foreign exchange market, the country’s petroleum products distribution and supply chain may face more challenges.
The group said the CBN guidelines unveil the gaming of the foreign exchange market by Deposit Money Banks.
“The total trapped fund of foreign airlines in the country is pegged at about $800 million.’’
