Naira appreciates against dollar

The local currency – Naira – on Monday mustered some strength exchanging at N364 to a dollar in the parallel market segment.

It also exchanged for N425 to one Euro and N476 to a Pounds Sterling.

It happened at a time the Central Bank of Nigeria (CBN) continued to maintain liquidity in the Foreign Exchange market by injecting $195 million in the inter-bank foreign exchange market.

A statement by the acting Director, Corporate Communications Department of the CBN, Mr. Isaac Okorafor, indicated that the apex bank would continue to increase liquidity to meet genuine forex demand in the market.

Figures shows that CBN offered a total of $100 million to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment received $50 million.

The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.

The apex bank last week Friday intervened in the retail segment of the inter-bank market with $306.3 million.


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