Following the intervention of the Central Bank of Nigeria (CBN) at the Retail Dutch Action System (RDAS) window, the Naira yesterday strengthened significantly against the US dollar gaining N1.01k at the foreign exchange (FX) market.

The CBN offered $300 million yesterday but sold $298.9 million to 19 deposit money banks at its bi-weekly RDAS at N155.73/$.

Consequently, at the FX market naira closed at N158.04/$ compared to N159.05/$ the previous day, data from the Financial Markets Dealers Quotations (FMDQ) have revealed.

On the other hand, naira weakened slightly against dollar at the official market losing N0.03k to close at N155.73/$ compared to N155.70/$ the previous day.

Money market yesterday experienced liquidity squeeze at the Nigeria Inter-Bank Offered Rate (NIBOR) increased by 2,31 percent from 11.75 percent.