The Financial market has revealed a significant N1.42 kobo drop in Naira against the US dollar from the previous N162.27 to N163.70 at the interbank market.

CEOAFRICA news desk has gathered from the views of Analysts that the depreciation in naira is as a result of the CBN’s failure to intervene and the absence of foreign exchange sales from oil companies.

However, the CBN on Wednesday offered $300 million but sold $263.46 million to 17 deposit money banks at its twice weekly Wholesale Dutch Auction (WDAS0 at N155,76/$.

Sewa Wusu, Head of Research, Sterling Capital Markets Limited disclosed that Naira remained stable at official, Bureau De Change and parallel markets closing at N155.76/$, N162.50 and N163.00/$.

He however declared that stability is evident at the official end of the market considering recent efforts by CBN to ensure foreign exchange stability.