Following the devaluation of the naira last month, Nigeria’s central bank is now stepping in to prevent further local currency depreciation. On Wednesday, the naira traded at 782.36 per USD, within its two-week range of 750-790. However, when bids for the dollar fell to as low as 800 naira on Tuesday, the central bank intervened with USD sales, as reported by Rand Merchant Bank. Traders indicate that a parallel market in the currency has re-emerged since the devaluation.