- Naira has stayed strong against the Dollar at parallel market
- The Nigerian currency trades at N363, N473 and N420 against the Dollar, Pound Sterling and Euro respectively
- The recent appreciation of the Naira can be attributed to intervention of the CBN at the foreign exchange market
The Nigerian Naira on Wednesday, November 8, retained its strengthened rate at the parallel market against Dollar.
According to NAIJ.com findings, the local currency maintained the same rates of N363 against Dollar, N420 against Euro at the parallel market as it was on Tuesday, November 7, but appreciated against Pound to N473.
Naira maintains strength against Dollar
The Central Bank of Nigeria has injected another $195m into the inter-bank foreign exchange market to ensure forex liquidity.
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The released figures by the bank on Tuesday showed that it offered the total sum of $100m to the wholesale segment, while the Small and Medium-scale Enterprises segment received the sum of $50m.
The invisibles segment comprising tuition, medical payments and basic travel allowance received $45m.
Acting Director, Corporate Communications, Mr. Isaac Okorafor, disclosed that the intervention was in line with the CBN’s commitment to continue to ensure forex liquidity and meet legitimate demand.
Can 1 Naira ever become 1 US dollar again on the Forex market? - on NAIJ.com TV.
Source: Naija.ng
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