With months worth of unsold crude oil cargoes and Nigerian crude reaching historical low rates to buy.
The CBN has implemented a series of measures to help the sliding currency according to Reuters.
It was reported that the CBN withdrew excess cash of 1.4 Trillion Naira ($3.9 Billion) from Banks.
The Naira has been hitting 2016 levels of low against the dollar recently, heading as high as 420 Naira per dollar this week.
28 Commercial Banks were affected by the CBN Withdrawal with Zenith Bank taking the biggest ‘hit’ due to its 355.95 Billion Naira deposit with the CBN.