The central bank said it would continue to intervene in order to drive growth in the economy and guarantee stability in the currency market. The dollar sale came on the heels of the sharp drop in the value of the naira from 361/dollar last week Friday to 364/dollar on Friday. The CBN on Monday injected $210m into the inter-bank foreign exchange market, as the regulator stepped up efforts to stabilise the naira. The CBN had during its last intervention week sold $195m at the interbank forex market. The Ugandan shilling is seen weakening in the coming days, undermined by excess liquidity in the interbank market and demand from merchandise importers.

Source: Punch November 24, 2017 22:52 UTC