Naira began the week yesterday with some little gain, over the United States dollar as the traders exchanged it between 455 and 460 to a dollar. However, the local currency depreciated at the interbank market despite the injection of more forex by the CBN at the wholesale futures market last week.

Reuters said the interbank forex market traded $540,000 in early deals at 375 naira per dollar, near a record low exchange rate hit last November, data showed yesterday. But before the end of trading, the local currency returned to 314.25 /dollar.

A trader said the market was expecting more liquidity as promised by CBN which was why most of them were cautious in the market.